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MoneyGram to forfeit $125M for AML compliance lapses; DPA extended

Jaclyn Jaeger | November 8, 2018

MoneyGram on Nov. 8 entered into agreements with the U.S. Department of Justice and the Federal Trade Commission concerning previously disclosed compliance failures that resulted in a widespread money-laundering fraud scheme.

In November 2012, MoneyGram agreed to forfeit $100 million and enter into a deferred prosecution agreement (DPA) with the Justice Department to resolve criminal charges for aiding and abetting wire fraud and failing to maintain an effective anti-money laundering program in violation of the Bank Secrecy Act.

According to court documents, MoneyGram processed thousands of transactions for its own agents known to be involved in an international scheme that defrauded tens of thousands of members of the U.S. public out of at least $100 million. MoneyGram profited from the scheme by...

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