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Western Union Scrutinizing Mexican Subagents Ahead of December Settlement Deadline
By Colby Adams
printThe 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. Shortly after finalizing the agreement with Western Union, state officials learned from the independent monitor of the settlement that Banamex, the company's primary agent in Mexico, wasn't screening the thousands of subagents it contracts with to facilitate the Englewood, CO-based company's remittances, sources told ACAMS Moneylaundering.com last year. The gap in oversight constituted a possible violation of the 2010 settlement, which required Western Union to strengthen its compliance...
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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.
For 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.
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.
One of the world's largest money services businesses is in danger of criminal indictment for failing to meet the terms of a 2010 settlement with the state of Arizona, say sources.
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.