NYDFS issued an enforcement action with an against money services business Moneygram. Some takeaways:
- $8.25 million civil monetary penalty.
- Classic typology of “many-to-one” transactions was highly suspicious.
- Store front agents accounted for dramatic spike in volume and dollar value of payments sent to China in short time period.
- No monitor imposed but remediation and reporting required.
The consent order can be found here: https://www.dfs.ny.gov/reports_and_publications/press_releases/pr202203161