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MoneyGram Admits New Compliance Failures, Extends Terms of US Settlement

By Valentina Pasquali

MoneyGram International must pay $125 million and make additional compliance upgrades for failing to implement effective controls against financial crime as required by the company's settlement with the U.S. Justice Department six years ago. The Dallas-based money services business, or MSB, also agreed Thursday to extend the terms of the November 2012 settlement, which required a $100 million payment from the company to defer prosecution for enabling several agents in the United States and Canada to engage in widespread fraud against senior citizens and other vulnerable individuals. MoneyGram also agreed that year to retain an independent monitor, adopt enterprise-wide anti-money...

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