Vinson & Elkins Represents MoneyGram in Negotiated Settlement with New York Department of Financial Services Concerning Dated Anti-Money Laundering Allegations
On March 16, 2022, Vinson & Elkins secured a settlement on behalf of MoneyGram International, Inc. (“MoneyGram” or the “Company”) with the New York Department of Financial Services (“DFS”) to resolve legacy anti-money laundering (“AML”) allegations from 2016-17.
In the 11-page consent order (the “agreement”), DFS recognized and credited MoneyGram’s substantial cooperation, compliance and remediation, specifically noting the “significant remedial measures and implemented compliance enhancements” that the Company has undertaken to improve its AML and compliance function. Under the terms of the agreement, MoneyGram agreed to pay a civil penalty of $8.25 million and provide DFS with periodic updates for two years. The settlement resolves an investigation that DFS first opened in 2018.
MoneyGram is represented by Washington, D.C. partner Ephraim (Fry) Wernick, along with Washington, D.C. partner Ronald J. Tenpas and New York partner Clifford Thau, Washington, D.C. counsel Conrad Bolston and associates Lincoln Wesley (Washington, D.C.), Allan Bradley (New York), Elizabeth Matthews (San Francisco) and Molly McDonald (Washington, D.C.).
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