Western Union`s complaint reminds financial institutions, traditional banks and non-traditional financial services companies, casinos and cheque-payment companies that facilitating criminal activity through financial services carries significant risks to the financial operator. To protect themselves from enforcement action or regulatory control, financial institutions must implement robust compliance programs that are not left behind when the business attempts to generate substantial revenue from questionable activities. The Western Union Company (Western Union), a global financial services company based in Englewood, Colorado, has agreed to lose $586 million and has entered into agreements with the Department of Justice, the Federal Trade Commission (FTC) and us law firms for the central Pennsylvania neighborhood, the Central District of California, the Eastern District of Pennsylvania and the Southern District of Florida. In its agreement with the Department of Justice, Western Union recognizes criminal offences, including the deliberate failure to maintain an effective anti-money laundering (AML) program and to support and support fraud over the course of the line. In 2017, Western Union reached a lawsuit agreement with the United States in which the company acknowledged that it was violating the bank`s law and that it supported and supported fraud over the course of the line. Western Union agreed to withhold a total of $586 million to compensate victims of fraudulent transactions that were knowingly processed by the company. The comparison with the New York Department of Financial Services (DFS) follows the money transfer company`s January 2017 agreement to pay $586 million to resolve similar claims by the Justice Department and the Federal Trade Commission. The complaint was filed in February 2017 following the announcement of a deferred law enforcement agreement (DPA) between Western Union and the U.S. Department of Justice.
The data protection authority relied on the Western Union`s alleged failure to maintain an effective AML programme between 2004 and 2012 and to support and support fraud over the course of the thread. The DATA agency we have previously blogged on has accused Western Union of submitting suspicious activity reports (“SAR”) on the activities of its clients, but has not provided SARs regarding the actions of its own agents, who were probably complicit. The Federal Trade Commission and FinCEN`s data protection and civil enforcement authority have asked Western Union for a combined fine of $586 million.