MoneyGram fined US$8.25m in New York for failings in AML around agents

MoneyGram International Inc., the global money transmission business, has agreed to pay US$8.25m after the New York Department of Financial Services (DFS) found “significant compliance weaknesses”, notably in the firm’s supervision of six New York City-based agents who handled large volumes of transactions with its outlets in China, a jurisdiction “known to carry a high AML risk”.