Thomas Haider, the CCO at MoneyGram, agreed to pay a US$250,000 civil penalty and a three-year bar from serving as a compliance officer at a money transmitter after attempting to obstruct MoneyGram’s compliance program.
In 2007, MoneyGram’s fraud department proposed shutting down a number of outlets based in Canada because the cited outlets were responsible for 58 per cent of all fraud occurring in Canada during a six-month period.
Haider decided not to terminate any of the allegedly fraudulent outlets after hearing the evidence based on opposition from the company’s sales department.
It’s alleged that Haider deliberately structured the AML program to restrict analysts’ access to critical information concerning aggregate fraud analyses.
MoneyGram is a money transfer service that allows customers to transfer money through a global network of agents and outlets. Haider was the company’s chief compliance officer, and had direct oversight responsibility for the fraud department and compliance department.
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