Euronet Worldwide Inc. sent a letter to Treasury Secretary Steven Mnuchin claiming that Ant Financial Services Group, a subsidiary of Alibaba Group Holding Ltd., poses national security risks, Reuters reported.

U.S. law requires the Treasury Department and other government entities to scrutinize purchases of U.S. businesses by foreign companies for national security reasons. Euronet pointed to this regulation in its letter, which was sent amid its bidding war with Ant Financial over MoneyGram International Inc.

Euronet topped Ant Financial's bid for the money transfer company March 20 by offering $15.20 per share to MoneyGram shareholders. The company's board is considering the higher offer, which it said may constitute a superior proposal.