The 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.
MoneyGram's former chief compliance officer failed to overcome resistance by the firm's sales division against disciplining and terminating agents and outlets suspected of facilitating fraudulent transfers, according to a settlement filed in federal court Wednesday.
The U.S. Justice Department issued a joint memorandum under which MoneyGram International Inc. agrees to extend its 2012 deferred prosecution agreement for an additional 30 months and forfeit $125 million due to significant weaknesses in its anti-fraud and anti-money laundering program.
November 8, 2018