“This approval agreement with Western Union reflects the recognition of past defects and damage that can be caused in the absence of a culture of respect,” said Jamal El-Hindi, Acting Director of FinCEN. “Money issuers, large and small, play a crucial role in the movement of legitimate funds around the world, and they are also an essential aid for financial and law enforcement agencies in the fight against illegal activities. It is therefore essential that they take security measures to prevent illegal actors from abusing their products and that they take to heart that not all business is good business. ENGLEWOOD, Colo. — (BUSINESS WIRE)– The Western Union Company (NYSE: WU), a leading global payment services company, today announced the successful conclusion of the Monitor`s key recommendations under the February 11, 2010 Southwest Border Settlement Agreement. But this dynamic is also changing, with the Western union doubling in the search and correction of major and small problems, according to investigators. The Western Union Company (NYSE: WU) is the world`s leading payment services company. With the payment services Housses de Vigo, Orlandi Valuta, Pago Facil and Western Union Business Solutions, Western Union offers consumers and businesses quick, reliable and convenient ways to send and receive money around the world, send payments and buy cash orders. As of March 31, 2016, Western Union, Vigo and Orlandi Valuta brands have been offered through a combined network of more than 500,000 agent sites in 200 countries and territories and more than 100,000 ATMs and kiosks, and have included the ability to send money to more than one billion accounts. In 2015, The Western Union Company completed 262 million consumer-to-consumer transactions worldwide, resulting in $82 billion in major consumer transactions and 508 million business payments. For more information, see www.westernunion.com.
Attorney General Brnovich added, “The Western Union`s anti-money laundering program is an essential tool to help the state of Arizona combat drug and human trafficking along the border. We have forged a close partnership with one goal: to protect Arizonans from criminal activity. According to the Dpa, WUFSI`s failure to deploy sufficiently certain agent sites led to the officers who left themselves in possession of persons previously denounced by wufsi for money laundering. The transaction calls on Western Union to spend $50 million to create and fund an anti-money laundering alliance on the Southwest border, which will support prosecutions in the four border states in the pursuit of money laundering, arms smuggling and related criminal activities. Since 2001, federal prosecutors have indicted and convicted 26 Western Union agents in the United States and Canada, in collaboration with the U.S. Postal Inspection Service, “who conspired with international fraudsters to deceive tens of thousands of U.S. citizens through various forms of mass marketing systems,” according to the agreement. “Today`s historic agreement, which involves the greatest financial degradation by a financial services company, clearly shows that all companies and their agents are held accountable for behaviours that circumvent compliance programs aimed at preventing criminal behaviour,” he said.