©2018-2019 by The GRC Institute - Governance, Risk & Compliance.  ABN: 42862119377

MoneyGram Digital Services

July 26, 2018

 

 

MoneyGram recently announced that it is extending their online platform to other jurisdictions around the world.

 

The release specifically highlighted Australia, the Netherlands, Belgium, Portugal and Australia who will now be able to use the digital service to send money 24/7.

 

"Innovative technology is changing the way we meet our customer's financial needs. In 2018 and beyond MoneyGram will continue to accelerate our digital expansion around the globe. We want to give MoneyGram customers more choice when they use money transfer services and to ensure we are well positioned to compete in today's fast-paced world," said Alex Holmes, MoneyGram's chairman and chief executive officer.

 

However, money transfer and payment providers can be exploited by bad actors.

 

In 2015, MoneyGram fell afoul of AUSTRAC and $122, 400 in penalties for contravention of the AML/CTF Act.

According to the official communication from AUSTRAC three years ago, MoneyGram was fined for providing remittances services through unlicensed remittance businesses.

 

The then AUSTRAC CEO, Paul Jevtovic, said that the remittance sector was particularly vulnerable to financial crime.

 

 “Businesses that do not comply with their AML/CTF obligations risk exploitation by criminals, regulatory action by AUSTRAC and serious reputational damage,” he said.

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