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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...

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