Sigue Corp. to Pay Record Penalty, Acknowledges AML Failures in Agreement with Justice Department

By Brian Monroe

Failures by money transmitter Sigue Corp. to identify broad patterns of money laundering at its stores and to properly train its agents for anti-laundering compliance allowed customers to process some $25 million in suspicious transactions over 17 months, U.S. prosecutors said. Sigue, based in San Fernando, Calif., will forfeit $15 million and spend $9.7 million to upgrade its AML program as part of a deferred prosecution agreement with the Justice Department. Fortent Inform first reported the record penalty on January 11. The Justice Department had charged Sigue, which has 8,000 agents that primarily process remittances to Mexico and Latin America,...