Vinson & Elkins Represents MoneyGram in Dismissal of Criminal Case and Successful Termination of Deferred Prosecution Agreement and Corporate Monitorship, Setting the Stage for New Growth at the Company
On June 10, 2021, Vinson & Elkins (“V&E”) represented MoneyGram International, Inc. (“MoneyGram”) in obtaining a dismissal of criminal charges after the Company successfully completed a deferred prosecution agreement (“DPA”) and corporate monitorship. The dismissal of the case was formally ordered by United States District Judge Christopher C. Conner pursuant to a motion to dismiss by the United States Department of Justice’s Criminal Division and the United States Attorney’s Office for the Middle District of Pennsylvania (collectively, “DOJ”) following the termination of the DPA and monitorship on May 10, 2021.
The DPA ended after MoneyGram implemented significant enhancements to its compliance program, including to the Company’s anti-fraud and anti-money laundering (“AML”) functions, which now boasts record-low and industry-leading fraud rates at the Company. In April 2021, the corporate compliance monitor certified MoneyGram’s compliance program as being “reasonably designed and implemented to detect and prevent fraud and money laundering, and to comply with the Bank Secrecy Act.” With the monitor’s certification and MoneyGram’s successful completion of the DPA, DOJ moved to dismiss the criminal charges that were originally filed against the Company in November 2012.
MoneyGram engaged attorneys in V&E’s Washington, D.C. office in October 2019 to represent the Company in connection with the DPA and monitorship. V&E worked closely with the monitor to ensure that the corporate monitor could evaluate and certify MoneyGram’s compliance program on time. Among other things, V&E engaged with DOJ to renegotiate more favorable financial terms and leveraged MoneyGram’s impressive progress with its compliance program to obtain less onerous and burdensome reporting obligations under the DPA for the Company.
With the certification of the Company’s best-in-class compliance program and satisfaction of the terms of the DPA, MoneyGram is now well-positioned to capitalize on its strong growth, including in its digital operations, which should allow the Company to be a leader in fintech for years to come.
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