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Vinson & Elkins Represents MoneyGram in Negotiated Settlement with New York Department of Financial Services Concerning Dated Anti-Money Laundering Allegations

Vinson & Elkins Counsels MoneyGram Through the Successful Termination of a Deferred Prosecution Agreement with the Department of Justice and End of a Corporate Monitorship, Setting the Stage for New Growth Background Image

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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For more than a century, Vinson & Elkins has provided outstanding client service across important industries that drive the global economy. Built on a strong culture of collaboration across 12 offices worldwide, V&E lawyers are committed to excellence, offering clients decades of legal experience in handling transactions, investments, projects and disputes across the globe. Learn more by visiting www.velaw.com or follow us on Twitter @VinsonandElkins or connect with us on LinkedIn.

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