MoneyGram Leads Global Consumer Protection Efforts in Money Transfer Industry

January 18, 2018

DALLAS, Jan. 18, 2018 /PRNewswire/ -- MoneyGram (NASDAQ: MGI) announced today the launch of new global customer verification standards for all sends and receives.  Among other requirements, customers will now need to provide identification before transacting with MoneyGram for any amount of money.  With this initiative, MoneyGram is providing its customers with the highest standards of protection - above and beyond what is currently required by law and without comparison in the money transfer industry. 

MoneyGram Logo (PRNewsfoto/MoneyGram)

"To better protect our consumers and the integrity of our money transfer network, we are enhancing our policies and standardizing data requirements on every transaction globally," said Alex Holmes, Chief Executive Officer of MoneyGram. "The simple fact is that global risk is on the rise and over the past several years we have invested hundreds of millions of dollars into enhancing our compliance programs.  To be as effective as possible, compliance programs require more information about their customers than many global regulatory standards currently require.  MoneyGram has chosen to be a leader in consumer protection by being first-to-market with customer identification required at $1."

As part of the improved security measures, in addition to ID, consumers will now also be required to provide their name, address, phone number and date of birth for every transaction, with additional data collection requirements for higher transaction amounts.  Obtaining this information will allow the company to provide a stronger level of security and protection against AML and fraud risk for its customers.

The new initiative launched in January in the U.S. and the global roll-out is expected to be completed in early 2018. Customer identification at $1 is another example of MoneyGram's commitment to enhancing its world-class compliance platform to strengthen the integrity of its service, reduce fraud and AML risk and enhance the security of its customers transactions.

About MoneyGram
MoneyGram is a global provider of innovative money transfer and payment services and is recognized worldwide as a financial connection to friends and family. Whether online, or through a mobile device, at a kiosk or in a local store, we connect consumers any way that is convenient for them. We also provide bill payment services, issue money orders and process official checks in select markets. More information about MoneyGram International, Inc. is available at

MoneyGram Media Contact:
Michelle Buckalew

Forward-Looking Statements 

This press release contains forward‐looking statements, which may include projections of future results of operations, financial condition or business prospects. Actual results of operations, financial condition or business prospects may differ from those expressed or implied in these forward‐looking statements for a variety of reasons, including but not limited to market demand, global economic conditions, adverse industry conditions, legal proceedings, the ability to effectively identify and enter into new markets, governmental regulation, the ability to retain management and other personnel, and other economic, business or competitive factors. Additional information concerning factors that could cause results to differ materially from those in the forward-looking statements is contained from time to time in MoneyGram'sSEC filings. The forward‐looking statements in this release reflect the current belief of MoneyGram as of the date of this release. MoneyGram undertakes no obligation to update these forward‐looking statements for events or circumstances that occur subsequent to such date.


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SOURCE MoneyGram

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