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Fincen complaint Form: What You Should Know
In addition, the MoneyGram agent at the registration location gave the recipient's bank information to the MoneyGram agent at the reception location. To verify the payment, the MoneyGram agent sent the recipient's bank statement after the money was transferred. MoneyGram had the capacity to conduct an automated transfer through the MoneyGram Online Transaction System, or MOTS. Each transaction in which funds were moved may also be entered into MOTS from within the MoneyGram Online Transaction System or MOTT. Transactions that are not to be entered into MOTS from within the MoneyGram Online Transaction System or MOTT can be entered into MTT, which is a separate transaction system. Frequently Asked Questions for MoneyGram • Why did MoneyGram change its name from Money Gram to MoneyGram International? Since 1996, there were four different MoneyGram names. • What is an OCC? An “Operation Contaminant” is the term used by MoneyGram's “Crisis Solutions Group” to describe financial problems it is investigating. The group is made up of the top executives of MoneyGram USA, the parent company of MoneyGram International, and a small, handpicked group of independent attorneys that advise MoneyGram on its various legal and compliance matters. • Why was the Federal Trade Commission (FTC) investigating MoneyGram? The U.S. Department of Justice (DOJ) and the Federal Deposit Insurance Corporation (FDIC) both were investigating allegations that MoneyGram had disbanded its MoneyGram products and that the MoneyGram agents were running a “loan-shark” scheme that collected payday loans, car titles, installment loans, and credit cards, and then resold those loans at exorbitant markups to people who would not qualify for them under traditional credit. The FTC is seeking information from all MoneyGram customers who received letters from MoneyGram and if they received those letters to determine whether the MoneyGram service was provided or breached. The FTC believes that it has enough information to bring charges under the FTC Act of Consumer Fraud and Deceptive Business Practices (DFA) against MoneyGram. These types of business practices are commonly known as “payday loan” schemes.
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