Money-Services Business Settles with US Justice Department

An international money remittance company headquartered in California, Sigue Corp., is expected to reach a settlement this week with the U.S. Justice Department and pay the government $15 million for violating the Bank Secrecy Act for lack of effective anti-money-laundering programs. US watchdog agency, FinCEN claimed that on multiple occasions 47 of the agents allowed customers to transfer drug trafficking proceeds out of the country. The amount is a settlement and the company neither admitted nor denied the allegations.

Sigue predominantly served customers who wished to wire cash to Mexico and other Latin American countries. The company will also agree to invest $9.7 million in compliance costs.