A texas-based remittance company, Ping Express has pleaded guilty in the United States to money laundering scam, after sending over $160 million to Nigeria in suspicious transactions over a period of three years, some of which the proceeds were disclosed to be from online romance scams.
According to a statement released by the U.S attorney for the Northern District of Texas, Chad E. Meachan, he disclosed that the firm admitted that it failed to maintain an effective anti-money laundering program and they operated without a license in at least 5 U.S states.
The CEO of Ping Express Anslem Oshianebe and the COO Opeyemi Odeyale pleaded guilty to failing to maintain an effective anti-money laundering program. They both received 27-month prison sentences according to U.S legal filings.
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Ping Express IT/Business Development Manager, Aleoghena Okhumale who pleaded guilty to knowingly transmitting illegal funds, received a prison sentence of 42 months.
The U.S Department of Justice disclosed that Ping Express’s anti-money laundering policy claimed that it limited first-time customer transactions to $3,000 and monthly transactions to $4,500.
The company also admitted in the court that it allowed more than 1,500 customers to violate these rules. Ping Express also admitted that it failed to seek sufficient details about the sources or…
