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MoneyGram’s $100 Million Settlement to Double with Remediation Expenses
By Brian Monroe and Colby Adams
printThe terms of a $100 million settlement disclosed Friday by MoneyGram for anti-money laundering lapses will cost the Dallas-based money remitter nearly $200 million once completed, regulatory documents show. In a deferred prosecution agreement, the U.S. Justice Department accused the money services business (MSB) of allowing its agents to knowingly facilitate a telemarketing scheme that prompted thousands of Americans to wire money to Canada after having been told that they had won the lottery, secured a loan or been hired as a secret shopper. For a cut of the money, MoneyGram agents knowingly entered false addresses and ID information to...
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