New Mexico financial regulators order Sigue Corp. to stop money transmission

SANTA FE, N.M. — New Mexico financial regulators ordered Sigue Corporation to stop engaging in money transmission activities in the state.

Officials with the Financial Institutions Division of the New Mexico Regulation and Licensing Department stated the company can “no longer responsibly serve customers due to its declining financial position.”

New Mexico isn’t alone in this action. 48 states, plus Puerto Rico and District of Columbia, coordinated to issue the consent order Tuesday.

Sigue is a state-regulated money transmission company licensed in New Mexico and 48 other states.

In the last several months, Sigue reportedly experienced “significant financial deterioration.” Regulators say the company didn’t complete multiple money orders and transmissions. They also said they didn’t maintain adequate net worth and permissible investments to cover outstanding liabilities, which violate state money transmission law.

Customers are reportedly still waiting to receive funds.

With the consent order, Sigue must 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 so customers can get their money.

Consumers who have been impacted or believe they may have been impacted should contact the Financial Institutions Division at 505-476-4885.