In the first suit ever filed against an individual compliance officer in finance, the federal government has reached a settlement with Thomas Haider, the former chief compliance officer of MoneyGram International Inc., on civil charges that he failed to stop money laundering activities.
The settlement announced Thursday leaves banks and other financial institutions waiting to see what impact it could have on their efforts to hire compliance personnel after the U.S. District Court for the District of Minnesota upheld the government’s right to impose personal liability on employees under the Bank Secrecy Act.
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