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Additional MoneyGram Anti-Fraud & Anti-Money Laundering Program Enhancements

Additional MoneyGram Anti-Fraud & Anti-Money Laundering Program Enhancements

Old Dec 13, 18, 10:44 am
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Additional MoneyGram Anti-Fraud & Anti-Money Laundering Program Enhancements

MoneyGram International Inc. (MoneyGram), a global money services business headquartered in Dallas, Texas, has agreed to extend its deferred prosecution agreement and forfeit $125 million due to significant weaknesses in MoneyGram’s anti-fraud and anti-money laundering (AML) program resulting in MoneyGram’s breach of its 2012 deferred prosecution agreement (DPA). In addition to the monetary payment and extension of the deferred prosecution agreement, the company must enhance its anti-fraud and AML compliance programs.
MoneyGram International Inc. Forfeits $125 Million in Settlement with Justice Department and Federal Trade Commission
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Old Dec 13, 18, 11:59 am
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I hope this doesn't mean any additional rules on Moneygram MOs.
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Old Dec 13, 18, 12:51 pm
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As part of the amendment to and extension of the DPA, MoneyGram has agreed to additional enhanced compliance obligations, including creating policies or procedures:
  • to block certain reported fraud receivers and senders from using MoneyGram’s money transfer system within two days of receiving a complaint identifying those individuals;
  • to require individuals worldwide to provide government-issued identification to send or receive money transfers;
  • to monitor all money transfers originating in the United States in its anti-fraud program; and
  • to terminate, discipline, or restrict agents processing a high volume of transactions related to reported fraud receivers and senders.
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Old Dec 14, 18, 7:21 am
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Meh, sounds like they got caught playing fast and loose on the money transfer part of their business. Not sure there are trickle down implications for MO's at this point.
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Old Dec 14, 18, 9:49 am
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Originally Posted by jtav559 View Post
Meh, sounds like they got caught playing fast and loose on the money transfer part of their business. Not sure there are trickle down implications for MO's at this point.
Exactly. And why wouldn't they? They make a large amount of money on the fees paid by the victims of scammers. They have no incentive whatsoever to reduce scams.
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Old Dec 14, 18, 11:29 am
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Willing to bet that this relates 1% to scam/fraud and 99% to money laundering. Two entirely different things.
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