The United States has begun paying a total of $115 million in compensation to 38,889 victims of fraud schemes handled by MoneyGram. The victims, who are mostly elderly, are being fully compensated through the US Postal Inspection Service (USPIS), the Department of Justice (DOJ) said in a statement on Friday.
The payout comes 12 years after MoneyGram entered into a Deferred Prosecution Agreement (DPA) with the DOJ for “deliberately failing” to maintain an anti-money laundering system that prevents fraud, especially against vulnerable groups .
The DOJ explained that MoneyGram extended the DPA in November 2018 and further improved
compliance
Compliance
In the fields of finance, banking, investment and insurance, compliance refers to following the rules or orders set by the governmental regulatory authority, either by providing a service or by dealing a transaction. Financial compliance would also be a state of adherence to established guidelines or specifications. This designation can also encompass efforts to ensure that organizations comply with both industry regulations and government legislation. Understanding Compliance Compliance is a
In the fields of finance, banking, investment and insurance, compliance refers to following the rules or orders set by the governmental regulatory authority, either by providing a service or by dealing a transaction. Financial compliance would also be a state of adherence to established guidelines or specifications. This designation can also encompass efforts to ensure that organizations comply with both industry regulations and government legislation. Understanding Compliance Compliance is a
Read this term obligations. As part of the extension, the US peer-to-peer cross-border payments and money transfer company lost $125 million, the DOJ said, adding that the amount covered for the amount of fraud transactions to consumption that the company has processed and is part of the terms of the DPA.
“The USPIS uses these confiscated funds to compensate victims of fraud through the remission process. MoneyGram completed its DPA in May 2021,” the DOJ added.
Meanwhile, in a separate development, cryptocurrency exchange Kraken on Friday agreed to pay $30 million to the U.S. Securities and Exchange Commission (SEC) after the U.S. regulator accused the exchange of not having recorded his staking
Staking
Staking is defined as the process of holding funds in a cryptocurrency wallet to support the operations of a blockchain network. In particular, staking represents an offer to secure a volume of crypto to receive rewards. In most cases, however, this process relies on users participating in blockchain-related activities through a personal crypto wallet. The concept of staking is also closely related to proof of stake (PoS). PoS is a type of consensus algorithm in which a blockchain network aims to achieve
Staking is defined as the process of holding funds in a cryptocurrency wallet to support the operations of a blockchain network. In particular, staking represents an offer to secure a volume of crypto to receive rewards. In most cases, however, this process relies on users participating in blockchain-related activities through a personal crypto wallet. The concept of staking is also closely related to proof of stake (PoS). PoS is a type of consensus algorithm in which a blockchain network aims to achieve
Read this term– program as a service. As part of the settlement agreement, Kraken also agreed to stop offering the program to its US customers.
However, while Kraken in a blog post confirmed that it would immediately ban US customers from accessing the on-chain staking service, the cryptocurrency exchange indicated that it would only “unblock” staked Ether. only after the next Shanghai upgrade.
In its review of Kraken’s staking program, the SEC noted that the offering offered “very little protection” despite the risks involved.
“Whether through staking-as-a-service, lending, or other means, crypto intermediaries, when offering investment contracts in exchange for investor tokens, must provide the information and appropriate safeguards required by our securities laws,” Gary Gensler, SEC Chairman, explained.
The United States has begun paying a total of $115 million in compensation to 38,889 victims of fraud schemes handled by MoneyGram. The victims, who are mostly elderly, are being fully compensated through the US Postal Inspection Service (USPIS), the Department of Justice (DOJ) said in a statement on Friday.
The payout comes 12 years after MoneyGram entered into a Deferred Prosecution Agreement (DPA) with the DOJ for “deliberately failing” to maintain an anti-money laundering system that prevents fraud, especially against vulnerable groups .
The DOJ explained that MoneyGram extended the DPA in November 2018 and further improved
compliance
Compliance
In the fields of finance, banking, investment and insurance, compliance refers to following the rules or orders set by the governmental regulatory authority, either by providing a service or by dealing a transaction. Financial compliance would also be a state of adherence to established guidelines or specifications. This designation can also encompass efforts to ensure that organizations comply with both industry regulations and government legislation. Understanding Compliance Compliance is a
In the fields of finance, banking, investment and insurance, compliance refers to following the rules or orders set by the governmental regulatory authority, either by providing a service or by dealing a transaction. Financial compliance would also be a state of adherence to established guidelines or specifications. This designation can also encompass efforts to ensure that organizations comply with both industry regulations and government legislation. Understanding Compliance Compliance is a
Read this term obligations. As part of the extension, the US peer-to-peer cross-border payments and money transfer company lost $125 million, the DOJ said, adding that the amount covered for the amount of fraud transactions to consumption that the company has processed and is part of the terms of the DPA.
“The USPIS uses these confiscated funds to compensate victims of fraud through the remission process. MoneyGram completed its DPA in May 2021,” the DOJ added.
Meanwhile, in a separate development, cryptocurrency exchange Kraken on Friday agreed to pay $30 million to the U.S. Securities and Exchange Commission (SEC) after the U.S. regulator accused the exchange of not having recorded his staking
Staking
Staking is defined as the process of holding funds in a cryptocurrency wallet to support the operations of a blockchain network. In particular, staking represents an offer to secure a volume of crypto to receive rewards. In most cases, however, this process relies on users participating in blockchain-related activities through a personal crypto wallet. The concept of staking is also closely related to proof of stake (PoS). PoS is a type of consensus algorithm in which a blockchain network aims to achieve
Staking is defined as the process of holding funds in a cryptocurrency wallet to support the operations of a blockchain network. In particular, staking represents an offer to secure a volume of crypto to receive rewards. In most cases, however, this process relies on users participating in blockchain-related activities through a personal crypto wallet. The concept of staking is also closely related to proof of stake (PoS). PoS is a type of consensus algorithm in which a blockchain network aims to achieve
Read this term– program as a service. As part of the settlement agreement, Kraken also agreed to stop offering the program to its US customers.
However, while Kraken in a blog post confirmed that it would immediately ban US customers from accessing the on-chain staking service, the cryptocurrency exchange indicated that it would only “unblock” staked Ether. only after the next Shanghai upgrade.
In its review of Kraken’s staking program, the SEC noted that the offering offered “very little protection” despite the risks involved.
“Whether through staking-as-a-service, lending, or other means, crypto intermediaries, when offering investment contracts in exchange for investor tokens, must provide the information and appropriate safeguards required by our securities laws,” Gary Gensler, SEC Chairman, explained.
