Regulatory Alerts2014-12-18 | 2014-08Added
Assessment of Civil Money Penalty Against Thomas E. Haider
FinCEN assessed a $1 million civil money penalty against Thomas E. Haider for willfully violating the Bank Secrecy Act while serving as Chief Compliance Officer at MoneyGram International Inc. The penalty addresses Haider's failure to implement an effective anti-money laundering program and his failure to ensure timely filing of Suspicious Activity Reports between 2003 and May 2008. Specific violations included the lack of a discipline policy, failure to terminate high-risk agents, inadequate audits, and insufficient due diligence on outlets.
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