By Brett Wolf, Compliance Complete
NEW YORK, May 20, 2014 (Thomson Reuters Accelus) - Although investigators with Treasury’s anti-money laundering unit tried to identify a senior business leader at MoneyGram International Inc who could be penalized over the money transfer giant’s admitted compliance failures, available evidence left them only one viable target – the firm’s former chief compliance officer, a former official with firsthand knowledge of the investigation said.
The push by Treasury’s Financial Crimes Enforcement Network (FinCEN) to send a stern message to the financial services community by targeting one of its own with a large fine began roughly a year and a half ago due to pressure from Capitol Hill. FinCEN investigators eyed a number of current and former MoneyGram employees, but found that senior business leaders had not left an evidence trail to follow. (more…)