Money Service Businesses Archives - Corruption, Crime & Compliance

13 May, 2021

MoneyGram Payment Systems Agrees to Pay OFAC $34k for Sanctions Violations

MoneyGram settled with OFAC for $34,329 for 359 sanctions programs violations. MoneyGram is a global payments service. According to OFAC, the 359 transactions totaled $105,627 in value and were processed on behalf of approximately 40 individuals on OFAC’s Specially Designated Nationals list (SDN List). MoneyGram has been operating under a monitor imposed in 2012 U.S. Department of Justice settlement to ensure MoneyGram’s enhancement of its...

General

15 Jan, 2018

Regulators Slap Banks, MSBs and Card Club with AML Violation Penalties

Financial institutions face enormous pressures with respect to anti-money laundering compliance. These burdens are about to grow with implementation of customer due diligence rules. In 2017, federal and state regulators stepped up AML enforcement. Here is a quick rundown of some of the enforcement actions: Citibank paid a $70 million penalty to the Office of the Comptroller of the Currency (here) for violating its 2012...

Uncategorized

22 Mar, 2016

The Banking Stepchild: Money Service Businesses

Sometimes risk analysis can result in paralysis. Finding your risk tolerance and applying it to specific situations requires a nuanced approach. I am always wary of anyone who tells me categorical rules – e.g. we do not do business in Russia because it is too risky. In this era of oversimplification, such statements border on intellectual dishonesty. A careful approach to risk analysis always involves...