On May 4, 2017, a settlement was reached with Thomas Haider, the former chief compliance officer of MoneyGram International, Inc. (“MoneyGram”). The settlement resolves claims that Haider violated the Bank Secrecy Act by failing to ensure that MoneyGram had an effective anti-money laundering program and filed timely suspicious activity reports with FinCEN. As part of the settlement, Haider must pay $250,000 and is prevented from performing a compliance function for any money transmitter for three years. According to Haider’s admissions as part of the settlement, Haider failed to implement a policy for terminating high-risk outlets despite authority to do so and failed to terminate MoneyGram outlets, even after MoneyGram’s Fraud Department presented evidence indicating that the outlets were complicit in consumer fraud schemes. Haider also structured MoneyGram’s anti-money laundering program so that aggregated information about specific outlets collected by MoneyGram’s Fraud Department was not provided to the MoneyGram analysts responsible for filing SARs. U.S. Dep’t of the Treasury v. Haider, 14-cv-9987 (S.D.N.Y).
Home > Bank Secrecy Act > Acting Manhattan U.S. Attorney Announces Settlement of Bank Secrecy Act Suit Against Former Chief Compliance Officer at MoneyGram for Failure To Implement and Maintain an Effective Anti-Money Laundering Program and File Timely SARS