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Following news that money transfer company Western Union has been forced to pay a fine for violating money laundering laws to the tune of $586 million, we now learn that its closest competitor MoneyGram was just purchased by Ant Financial, a related company of Chinese conglomerate Alibaba.
MoneyGram is used to fund online gambling accounts across the globe, including those based in the United Kingdom, Malta and Curacao.
MoneyGram just happens to be the leading money transfer company for Mexicans living in the United States to send funds back home.
MoneyGram stock rose 10 percent Thursday on the news.
According to CNN, the deal could be one of the first tests of how serious President Donald Trump is about cracking down on money transfers, also known as remittances, to Mexico.
- Aaron Goldstein, Gambling911.com
