Close

Are you in compliance?

Don't miss out! Sign up today for our weekly newsletters and stay abreast of important GRC-related information and news.

×

Status message

Start your free, no obligation 5-day trial to continue exploring with full access.

Ireland’s Central Bank Hits Western Union with €1.75m in Fines

Aarti Maharaj | May 20, 2015

The Central Bank of Ireland has imposed a hefty fineon Western Union Payment Services in Ireland after the company failed to comply with anti-money laundering and terrorist financing (AML/CFT) regulations, said the Central Bank.

This move by Ireland’s Central Bank comes at a time when governments and regulatory watchdogs are cracking down on AML/CFT efforts around the globe.

Under Irish regulations, companies are required to maintain proper controls that can effectively track and mitigate anti-money laundering risks. But the Central Bank said that Western Union failed to show that it had “robust” controls that identify “suspicious activity.”

Derville RowlandThe Central...

Buy this article for $49, or subscribe to Compliance Week for a month at $149 and get unlimited article access for 30 days.