To analyze FinCEN’s settlement with Thomas Haider and examine regulatory agencies’ emphasis on individual accountability and the implications of this emphasis for anti-money laundering (AML) compliance personnel, and to provide practical guidance for personnel who have involvement with or oversight of corporate AML programs.
This article analyzes the Thomas Haider settlement and its importance for individuals involved in AML compliance functions. This analysis includes an examination of several recent corporate and individual enforcement actions to contextualize the Thomas Haider settlement and its usefulness in the prediction of trends in the financial regulatory space.
This article concludes that FinCEN’s May 2017 settlement with Thomas Haider, which resolved the first occurrence of FinCEN’s filing suit to enforce a civil penalty against an individual, illustrates the importance of effective AML programs and highlights the potential consequences for individuals who fail to ensure effective programs. The article also makes specific practical suggestions for AML compliance personnel, and finds that such personnel should be particularly conscientious in light of regulatory agencies’ focus on individual accountability in resolving corporate enforcement actions.
This article contains valuable information about recent regulatory enforcement activity and practical guidance for AML compliance personnel from experienced lawyers with specialties in financial services and white collar regulatory enforcement.
