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Western Union settlement is a stern warning about AML compliance

Joe Mont | January 26, 2017

Western Union, a global money services business, has agreed to forfeit $586 million and enter into agreements with the Federal Trade Commission, the Justice Department, and the U.S. Attorneys’ Offices in Pennsylvania, California, and Florida. The company admitted to criminal violations including willfully failing to maintain an effective anti-money laundering program and aiding and abetting wire fraud.

Investigations “uncovered hundreds of millions of dollars being sent to China in structured transactions designed to avoid the reporting requirements of the Bank Secrecy Act, and much of the money was sent to China by illegal immigrants to pay their human smugglers,” said U.S. Attorney Eileen Decker of the Central District of California. “In a case prosecuted by my office, a Western Union agent has pleaded guilty to federal charges of structuring transactions—illegal...

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