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Western Union to Pay $586 Million Over Failure to Stop Fraud

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Western Union to Pay $586 Million Over Failure to Stop Fraud

Western Union to Pay $586 Million Over Failure to Stop Fraud*/

– Western Union Co. agreed to pay $586 million and admitted it failed to stop money laundering and wire fraud as part of a deal with the U.S.Lapses in the company’s anti-money laundering controls allowed hundreds of millions of dollars in prohibited transactions to be processed, enabling the proliferation of illegal gambling and scams that defrauded tens of thousands of victims, U.S. authorities said Thursday.Undocumented immigrants from China used Western Union to wire money from New York and California to their human smugglers, the Justice Department said.
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Western Union Slammed For Aiding Crooks, Agrees To Pay $586 Million

Western Union Slammed For Aiding Crooks, Agrees To Pay $586 Million*/

– Still Trading Over The Holidays?Here Are The Stocks That Rally Between Christmas And New Year’sMoney transfer giant Western Union has agreed to pay $586 million in connection with its failure to prevent criminals from moving ill-gotten money using its platform, according to federal authorities.In a statement from the U.S. Department of Justice and Federal Trade Commission on Thursday, authorities describe insufficient or poorly enforced policies that resulted in the funneling of hundreds of millions of dollars in proceeds from illegal gambling, fraud and drug and human trafficking.
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Western Union Admits Violating Money-Laundering Laws In $586 Million FTC Settlement

Western Union Admits Violating Money-Laundering Laws In $586 Million FTC Settlement*/

– The Western Union Company (NYSE: WU) shares halted and subsequently plummeted Thursday upon news of a $586 million settlement with the Department of Justice and Federal Trade Commission.Susquehanna analysts said the settlement had long been expected, and Western Union had accrued more than $15 million over the last two quarters in anticipation of the fine.However, Citi analysts said the official sum far exceeded expectations and will consume a significant portion of the company’s total $1.28 billion in cash.
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Western Union Will Pay $586 Million For Aiding In Wire Fraud, Other Violations : The Two-Way : NPR

Western Union Will Pay $586 Million For Aiding In Wire Fraud, Other Violations : The Two-Way : NPR*/

– Western Union Will Pay $586 Million For Aiding In Wire Fraud, Other ViolationsEnlarge this image toggle caption Mark Lennihan/AP Mark Lennihan/APThe global money service company Western Union has admitted it helped people commit wire fraud, among other criminal violations, and agreed to pay $586 million.The settlement is the result of an investigation that found Western Union was “willfully failing to maintain an effective anti-money laundering program,” the Justice Department said in a statement.As The Two-Way has reported, the company does billions of dollars in business, dominating the market for money transfers and attracting both legal and illegal enterprises.
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