Western Union pays nearly $600 million over failures in AML, fraud & agent oversight

Brian Monroe (+1 786 417 2706, bmonroe@acfcs.org) is Director of Content and Business Development at ACFCS (www.acfcs.org).

The world’s largest money transmitter will pay nearly $600 million to U.S. authorities, the largest compliance-related penalty ever against a money services business, for enabling a range of frauds and financial crimes, failures in agent oversight, and not filing thousands of suspicious activity reports. Brian Monroe of the Association of Certified Financial Crime Specialists works through the charge sheet.