AML Litigation and Individual Liability: FinCEN's Landmark Haider Case Moves Forward

  • 2.1.2016

In a January ruling, a federal district court in Minnesota held that the Bank Secrecy Act (BSA) allows the Financial Crimes Enforcement Network (FinCEN) to bring suit against individuals for willfully violating the BSA’s anti-money laundering program requirement. The decision addresses important aspects of FinCEN’s enforcement authority in the context of a motion to dismiss brought by Moneygram’s former Chief Compliance Officer, Thomas Haider. This is something which startups, particularly those in the financial sector, will want to pay attention. See WilmerHale's client alert for more information.