Local media reported on 9 July that the Texas company that transferred millions of dollars from the US to Africa has admitted that it failed to adequately guard against money laundering. Ping Express US LLC pleaded guilty to failure to maintain an effective AML program. Ping was required to report any suspicious transactions to regulators, but admitted that it failed to file a single report over a 3-year period, despite a significant amount of suspicious customer activity. 3 individuals – including 2 of Ping’s top customers – previously pleaded guilty to transmitting illegally-derived funds through Ping. The CEO and COO were recently each sentenced to 27 months in federal prison, while the IT/Business Development Manager received a prison sentence of 42 months. The company itself now faces 5 years of probation and a fine of up to $500,000.
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