A recent Department of Treasury’s Financial Crimes Enforcement Network (FinCen) enforcement action raised the eyebrows of many compliance professionals, as Thomas Haider, Moneygram’s CCO, during a period of sustained money-laundering violations by the company, was individually prosecuted in the first anti-money laundering (AML) enforcement action for the failure to implement a compliance program. In a civil settlement, Haidar agreed to a fine of $250,000 and to not work in the industry for three years. The question for CCOs is: Does this portend a shift in enforcement strategies?
