DALLAS, March 16, 2022 /PRNewswire/ — MoneyGram (NASDAQ: MGI) right this moment introduced it has reached a closing settlement to settle its beforehand disclosed legacy enforcement matter with the New York Division of Monetary Providers (“NYDFS”) via a consent order (the “settlement”).
Pursuant to the settlement, MoneyGram pays a civil financial penalty of $8.25 million to the NYDFS and undertake numerous reporting obligations. This cost is per the estimated quantity that MoneyGram beforehand accrued within the fourth quarter of 2021.
In coming into into the settlement, the NYDFS acknowledged that there have been a number of mitigating elements in respect of the settlement, together with that the corporate totally cooperated with NYDFS’s investigation together with by reporting on the outcomes of its inside investigation on the matter, had voluntarily undertaken vital enhancements to its compliance program and undertaken remediation to forestall comparable violations from occurring. Such measures and enhancements embrace the earlier termination of sure brokers following the spike in suspicious exercise, the creation of latest compliance procedures to extend the authority of compliance personnel inside the firm, the implementation of latest limits on and supervision of high-risk brokers, and a considerable enhance within the sources allotted to compliance.
“We’re happy that this legacy matter from a few years in the past is now behind us,” stated Alex Holmes, MoneyGram’s chairman and chief govt officer. “MoneyGram continues to work diligently to forestall its methods from getting used to perpetrate any illegal exercise. Constructing an industry-leading compliance program has for years been entrance and middle of our dedication to defending our prospects and communities.”
Since 2012, the corporate has invested greater than $800 million in compliance expertise, agent oversight and coaching applications. The corporate has had an industry-leading compliance program and client verification requirements in place for years. Since March 2018, MoneyGram has verified client identification on the level of sale for each cash switch transaction – and is the one cash switch firm to take action. By means of these efforts, MoneyGram has develop into an {industry} chief in client safety and has achieved among the many lowest client fraud charges within the {industry}.
About MoneyGram Worldwide, Inc.
MoneyGram Worldwide, Inc. (NASDAQ: MGI), a worldwide chief within the evolution of digital P2P funds, delivers modern monetary options to attach the world’s communities. With a purpose-driven technique to mobilize the motion of cash, a powerful tradition of fintech innovation, and main customer-centric capabilities, MoneyGram has grown to serve over 150 million individuals within the final 5 years. The Firm leverages its trendy, cell, and API-driven platform and collaborates with the world’s prime manufacturers to serve customers via its direct-to-consumer digital channel, world retail community, and embedded finance enterprise for enterprise prospects. MoneyGram can also be a frontrunner in pioneering cross-border cost innovation and blockchain-enabled settlement. For extra data, please go to ir.moneygram.com, observe @MoneyGram on social media, and discover the web site and cell app via moneygram.com.
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SOURCE MoneyGram
