News

New York state regulators fined Western Union $60 million Thursday for failing to scrutinize three especially profitable agents the firm knew had committed several compliance infractions, including some which may have allowed payments to reach human traffickers in China. The global remitter’s compliance department was hampered by pressure from management to maintain ties with the three agents, who together processed more than $2 billion in transactions over several years, the New York State Department of Financial Services, or DFS, said in a 26-page consent order. The order stems from many of the same violations that informed Western Union’s $586 million...