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Western Union fined $60 million for money-laundering violations partly involving China

( January 4, 2018, 22:01 GMT | Official Statement) -- MLex Summary: The New York Department of Financial Services has fined Western Union $60 million for Bank Secrecy Act and anti-money laundering law violations. DFS said 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. In addition, senior Western Union executives and managers willfully ignored and failed to report suspicious transactions to Western Union locations in China by several high-volume agents in New York, other states and around the world, including money transfers that may have aided human trafficking.Statement and document follow below:...

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