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CA Firm Fined $25M for Money Laundering

Largest DOJ fine - $25M - to a money transmitter could hit California company for violating anti-money laundering rules

Dark Reading Staff

January 11, 2008

1 Min Read

NEW YORK –– Minutes ago, Fortent Inform and moneylaundering.com broke the news that what would be the largest fine ever against a “money services business,” or money transmitter, will be paid to the Department of Justice by a California company. California money transmitter Sigue Corp. will pay the U.S. DOJ as much as a record-breaking $25 million to settle charges it violated anti-money laundering rules in its handling of remittances to Mexico, they reported.

The breaking news was just reported on Fortent Inform’s website – a proprietary news and information source for AML/CFT (Anti-Money Laundering/Combating the Financing of Terrorism) professionals.

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Dark Reading Staff

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