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As Deadline Nears, Western Union Again Asks Arizona for Time to Settle AML Allegations
By Colby Adams
printFor the second time this year, the nation's largest money transmitter has asked Arizona for additional time to upgrade its anti-money laundering program, according to sources familiar with the matter. The extension, which is expected to give Englewood, CO-based Western Union at least one more month to comply with terms of the their March 2010 settlement with the state, follows the passing of Assistant Attorney General Cameron Holmes on Sept. 29. Holmes, as the state's lead prosecutor in the case, spearheaded the unprecedented settlement. Western Union admitted in the 2010 agreement to failing to sufficiently vet remittances linked to human...
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The world's largest remitter has agreed to pay $586 million for transferring hundreds of millions of dollars over a period of several years for human smugglers, drug traffickers and fraudsters in the United States and abroad, U.S. officials said Thursday.
The independent court monitor tasked with ensuring Western Union's compliance with the terms of its March 2010 settlement with Arizona prosecutors has been dismissed from the position, say sources.
One of the world's largest money services businesses will pay nearly $10 million and share transactional data with U.S. states and Mexico as part of an extension to a 2010 settlement.
Money launderers working on behalf of Mexican cartels have moved southward after a deferred prosecution agreement between Western Union and Arizona gave investigators unprecedented access to remittance data in Northern Mexico, according to Vince Piano.
The nation's largest money services business has begun imposing new anti-money laundering checks on subagents in Mexico in an effort to comply with its March 2010 agreement with Arizona prosecutors, say sources.
Arizona has granted the nation's largest money transmitter an additional three months to improve its anti-money laundering compliance program and avoid criminal prosecution.
Mexican cartels are increasingly moving operatives into the U.S. to expand money laundering operations, firms in the United Kingdom have paid over one billion pounds in fines to settle fraud charges since 2007, and more, in the midweek roundup.
The New Mexico Attorney General's Office has expanded its team of anti-money laundering investigators as a result of a 2010 settlement between the state of Arizona and Western Union, according to the state's top prosecutor.
Unscrupulous financial institutions, legislative delays and a lack of quick action by U.S. federal officials are allowing drug cartels to wash money in the United States "right before our eyes," according to Terry Goddard, the former Attorney General of Arizona.
An agreement by one the nation's largest money transmitters to better share transactional data with investigators has resulted in greater scrutiny, both for the business and its chief competitor.
Western Union will pay $94 million to resolve claims by the Arizona Attorney General's office that the company wasn't doing enough to combat Mexican money launderers and human traffickers.
Arizona investigators are free to seize Western Union money transfers believed to be tied to human smuggling operations, even when the transfers originated from other states, a state court said.