Compliance Officer and $5 million personal fine

Posted By: Elwood P. Dowd

Compliance Officer and $5 million personal fine - 04/22/14 12:23 PM

"Thought some of you might find this interesting..."

When "Holding Executives Accountable" Hits Home

U.S. weighs $5 million fine against ex-MoneyGram compliance chief

At a Senate Banking Committee hearing in March 2013, David Cohen, Treasury's undersecretary for terrorism and financial intelligence, said FinCEN would "look for more opportunities" to issue penalties to "partners, directors, officers and employees" of financial institutions "who themselves actively participate in misconduct."

Guess they weren't kidding...
Posted By: HappyGilmore

Re: Compliance Officer and $5 million personal fine - 04/22/14 12:53 PM

oh goodness, and our BOL friend Dip now is doing compliance for them...
Posted By: JWills, CRCM

Re: Compliance Officer and $5 million personal fine - 04/22/14 12:55 PM

oh wow!
Posted By: ACBbank

Re: Compliance Officer and $5 million personal fine - 04/22/14 01:44 PM

I've seen this song and dance before. I'll believe it when I see it. And no, I don't count the small penalty handed down to BBH's former AML Chief as substantial.
Posted By: Elwood P. Dowd

Re: Compliance Officer and $5 million personal fine - 04/22/14 01:53 PM

Didn't know about that...thanks.

BBH's former Global AML Compliance Officer Harold Crawford was also fined $25,000 and suspended for one month.

Ala FINRA