LAWSUITS NEWS & LEGAL INFORMATION
Money Laundering
St. Louis, MO: (Jan-28-08) The US Government brought charges against Sigue Corp., a San Fernando-based company that provides international money transfer services, alleging that it failed to implement an effective program to prohibit money laundering. Federal prosecutors stated that the charges stemmed from transactions conducted from November 2003 through March 2005. Authorities said more than $24.7 million in suspicious transactions were conducted through registered agents of Sigue. Some of those transactions involved undercover federal law enforcement agents using funds represented to be proceeds of drug trafficking. Investigators said Sigue filed suspicious activity reports on the most obvious transactions, but failed to identify the broader patterns of money laundering activity, and failed to prevent it from occurring.
The federal Bank Secrecy Act requires money service businesses to establish and maintain an adequate anti-money laundering program. Sources close to the case stated that the company had entered into a settlement with the US government, agreeing to forfeit $15 million. Company officials said that in addition to the $15 million forfeiture, Sigue agreed to commit $9.7 million to improve its anti-money laundering program. [KANSAS CITY STAR: MONEY LAUNDERING]
Published on Jan-29-08
The federal Bank Secrecy Act requires money service businesses to establish and maintain an adequate anti-money laundering program. Sources close to the case stated that the company had entered into a settlement with the US government, agreeing to forfeit $15 million. Company officials said that in addition to the $15 million forfeiture, Sigue agreed to commit $9.7 million to improve its anti-money laundering program. [
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