Monitor signs off on MoneyGram’s AML Compliance improvements


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MoneyGram meets key provision of 2012 DPA

In 2012, MoneyGram International got slammed for AML Compliance failures and for criminally aiding and abetting fraud. Phishing schemes by its agents and the absence of effective AML Compliance laid bare deep problems at the company.

But nearly nine years later, MoneyGram has finally met a key term of its Deferred Prosecution Agreement (DPA).

A Wall Street Journal report earlier this month noted that an independent monitor assigned by the Justice Department has finally signed off on the company’s AML Compliance safeguards.

Originally, the DPA provided the money-transfer firm with a five-year window to implement effective AML Compliance programming. But in an 18-month period spanning 2015-2016, the company admitted it had processed well over $100 million in consumer-fraud transactions.

Improvements in AML Compliance since that time have driven down incidents of fraud, according to the company. Key improvements include updated AML technology and new point-of-sale identification requirements.


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