News
Western Union to Pay Over $9 Million, Share Transactional Data for Five More Years
By Colby Adams
printOne 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. In an amended settlement filed in Arizona's superior court Saturday, Englewood, CO-based Western Union agreed to share data on remittances of $500 or more with Arizona, California, New Mexico, Texas and Mexico. Under the settlement, state investigators will also have access to information from Orlandi Valuta and Vigo, two Mexico-based money services businesses (MSBs) owned by Western Union. The agreement, which mandates the data-sharing through 2019, separately extends a...
TO READ THE FULL STORY
Related News
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.
U.S. authorities will clarify in pending guidance that not all remittance companies are susceptible to illicit financial activity, a government official said Wednesday.
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.
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.