OLYMPIA – The Washington State Department of Financial Institutions (DFI) joined 39 states, Puerto Rico, and the District of Columbia, in entering a multi-state interim consent order against Sigue Corporation (Sigue). Sigue has agreed to cease and desist from collecting any new funds for transmission or currency exchange as the company can no longer responsibly serve consumers.
Sigue is a state-regulated money transmission company licensed in Washington and 48 other states (NMLS ID 915912). During the past several months, Sigue experienced significant financial deterioration. The company failed to complete multiple money orders and transmissions and failed to maintain adequate net worth and permissible investments to cover outstanding liabilities. These are all violations of Washington State money transmission law. Many customers are still waiting for their funds.
A week prior, on March 15, 2024, DFI was the first state regulator in the country to issue a cease and desist order against Sigue due to its inability to fulfill customer transactions and declining financial condition.
“Washington joined our CSBS state partners in the multi-state order due to the serious nature of issues related to Sigue,” DFI Director Charlie Clark said. “After issuing our own immediate temporary order last week, we quickly coordinated with the collective state money transmission regulators to protect consumers across state lines.”
The multi-state interim consent order also requires Sigue to preserve and provide access to all books and records, including information on impacted customers. DFI will continue to investigate and coordinate with the collective state money transmission regulators to pursue a remedy for Washington consumers.
It is important to note Sigue has stated that it has not accepted any consumer funds in Washington since Jan. 30, 2024. If you live in Washington State and used Sigue to transmit funds, and the funds have not yet reached their destination, you may file a complaint with DFI online at https://dfi.wa.gov/consumers/file-complaint/money-services-complaint/online-complaint-form or fill out the printable form at https://dfi.wa.gov/sites/default/files/money-services-complaint.pdf.
Customers are urged to retain all receipts of payments to Sigue that have not yet been fully transmitted to and received by intended recipients.
At this time, it is unknown if any received funds not yet fully transmitted can or will be paid out. We will provide additional information as we receive it online at www.dfi.wa.gov/sigue.