MGI - MoneyGram to pay $8.25M civil penalty to New York's financial regulator

MoneyGram International (NASDAQ:MGI) on Wednesday has agreed to settle its previously disclosed legacy enforcement matter with the New York Department of Financial Services. The company will pay a civil monetary penalty of $8.25M to the NYDFS and undertake some reporting obligations. The fine is consistent with the estimated amount that MoneyGram (MGI) accrued in the Q4 2021. Certain measures were taken under the NYDFS investigation, including the termination of certain agents following the spike in suspicious activity, the creation of new compliance procedures and the supervision of high-risk agents. In mid-February, MoneyGram got an acquisition proposal from funds affiliated with Madison Dearborn Partners.

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MoneyGram to pay $8.25M civil penalty to New York's financial regulator