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MoneyGram Reaches Agreement With U.S. Authorities

She continued, “These actions include the addition of new management and significant investments and enhancements to staffing, processes and technology, all of which is geared toward preventing consumer fraud and ensuring we meet the highest levels of regulatory compliance. During that time, we have invested more than $84 million in our compliance programs. We remain fully committed to conducting our business with the highest levels of integrity and remain vigilant in our efforts to partner with law enforcement and regulators to thwart illegal activity.”

MoneyGram has taken remedial actions and implemented new compliance standards to strengthen its anti-fraud and anti-money laundering programs. A summary of these actions includes:

  • Terminated relationships with agents suspected to be involved in consumer fraud related to the MDPA and US DOJ investigation and aided in the prosecution of agents involved in criminal activities.
  • Paid $18 million as part of an agreement with the Federal Trade Commission in October of 2009, pursuant to which the FTC distributed the funds to consumers who were victims of the consumer fraud perpetrated through MoneyGram agents.
  • Overhauled its global compliance, AML and anti-fraud organization with a focus on building a more comprehensive compliance-based culture. The Chief Compliance Officer has the authority to terminate MoneyGram agents for fraud or money-laundering concerns.
  • Created two new executive-level positions with responsibility for enhancing efforts to combat consumer fraud, fostering cooperation with law enforcement, enhancing interaction with U.S. and International regulators and enhancing MoneyGram’s compliance systems.
  • Bolstered global compliance and risk management procedures by implementing a risk-based agent audit program which includes the implementation of a new anti-fraud alert system and a financial intelligence unit both of which are responsible for monitoring transactions and agent behavior.
  • Implemented a new agent training program that provides information on the types of consumer fraud scams as well as how to detect, prevent, report and handle suspicious transactions.
  • Strengthened partnerships with law enforcement globally to assist in the investigation and prosecution of money laundering, fraud and other matters. In the U.S., those agencies include the Federal Bureau of Investigation, U.S. Immigration & Customs Enforcement, U.S. Marshals Service, Drug Enforcement Agency, U.S. Secret Service, and U.S. Postal Service.

MoneyGram is committed to ensuring that it remains in strict compliance with all applicable laws, regulations and standards in each of the markets and jurisdictions in which it operates.

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