California MSB Will Enter into Record $25 Million Settlement with Justice Department in AML Case

By Brian Monroe

UPDATE: Adds details of penalty in the first and third paragraphs. Money transmitter Sigue Corp. will forfeit $15 million and spend $9.7 million to upgrade its anti-money laundering program as part of an agreement with the U.S. Justice Department to settle charges it violated anti-money laundering rules in handling remittances to Latin America, according to a person familiar with the matter. The record settlement with the Justice Department by a money service business is part of a deferred prosecution agreement that could be issued as early as next week, people familiar with the matter said. The agreement will focus on...