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Digital Identity, Security & Online Fraud

MoneyGram agrees to pay USD 125 mln in FTC settlement

Friday 9 November 2018 | 09:47 AM CET

MoneyGram International has agreed to pay USD 125 million to settle allegations that the company failed to take steps to crack down on fraudulent money transfers, according to US Federal Trade Commission.

The money transfer company said it would amend and extend the deferred prosecution agreement with the US Department of Justice for 30 months and will modify its consent order with the FTC. Also, MoneyGram said it would continue to retain an independent compliance monitor and agreed to implement additional agent oversight and compliance program enhancements.

Since 2012, MoneyGram invested more than USD 100 million in compliance technology, agent oversight and training programs. The company also has implemented new, industry-leading consumer verification standards.

More: Link
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