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Violation Tracker Individual Record

Company: Western Union
Current Parent Company: Western Union
Penalty: $60,000,000
Year: 2018
Date: January 4, 2018
Offense Group: financial offenses
Primary Offense: anti-money-laundering deficiencies
Mega-Scandal: Anti-Money Laundering Deficiencies
Violation Description: Western Union agreed to pay a $60 million fine as part of a consent order with the New York State Department of Financial Services for violations of New York Bank Secrecy Act and anti-money laundering laws. An investigation by DFS found that, for more than a decade, Western Union failed to implement and maintain an anti-money laundering compliance program to deter, detect and report on criminals' use of its electronic network to facilitate fraud, money laundering and the illegal structuring of transactions below amounts that would trigger regulatory reporting requirements.
Level of Government: state
Action Type: agency action
Agency: New York Department of Financial Services
Civil or Criminal Case: civil
Facility State: New York
HQ Country of Current Parent: USA
HQ State of Current Parent: Colorado
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: financial services
Specific Industry of Current Parent: financial services
Source of Data: (click here)
Source Notes: If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.