March 22, 2024 RELEASE AT 10:15 a.m. CST

Mississippi Department of Banking and Consumer Finance Orders Sigue Corp. to Cease Money Transmission Activities

Sigue Corp. Failed to Satisfy Outstanding Money Transmission Liabilities, Violating State Law

Jackson, Mississippi — Today, the Mississippi Department of Banking and Consumer Finance ordered Sigue Corp. to cease engaging in money transmission activities in Mississippi as the company can no longer responsibly serve customers due to its declining financial position. A total of thirty-nine (39) states, Puerto Rico, and the District of Columbia coordinated to issue this consent order.

Sigue is a state-regulated money transmission company licensed in Mississippi and 48 other states (NMLS ID 915912). Over the past several months, Sigue experienced significant financial deterioration. The company failed to complete multiple money orders and transmissions and to maintain adequate net worth and permissible investments to cover outstanding liabilities, both violations of state money transmission law. Many customers are still waiting for their funds.

Commissioner Rhoshunda Kelly stated, "This consent order was a coordinated effort of state agencies. The Money Transmitters Regulators Association (MTRA) and the Conference of State Bank Supervisors (CSBS) assisted state regulators with acting quickly to protect consumer funds. These efforts by the state system ensure that consumers are protected across state lines and will experience a similar remedy regardless of their location."

The consent order requires the company to preserve and provide access to all books and records, including information on impacted customers. States will use the company’s signed declarations to file bond claims on behalf of impacted customers. The state surety bond claim process is designed to help make impacted consumers whole.

Consumers who have been impacted or believe they may have been impacted should contact the Mississippi Department of Banking and Consumer Finance at sigueinquiries@dbcf.ms.gov.

Media Contact: Allison Alford Allison.Alford@dbcf.ms.gov