RegAlert2017-01-19 | 2017-01Added · Updated
Assessment of Civil Money Penalty in the Matter of Western Union Financial Services, Inc.
FinCEN assesses a $184 million civil money penalty against Western Union Financial Services, Inc. for willful violations of the Bank Secrecy Act prior to 2012, including failures to maintain an effective anti-money laundering program and timely filing of suspicious activity reports. The penalty is deemed fully satisfied by Western Union's concurrent $586 million payment to the U.S. Department of Justice for fraud restitution under a Deferred Prosecution Agreement. The violations involved inadequate due diligence on foreign agents, inconsistent termination of high-risk locations, and unreasonable delays in SAR investigations exceeding 90 days.
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UNITED STATES OF AMERICA
DEPARTMENT OF THE TREASURY
FINANCIAL CRIMES ENFORCEMENT NETWORK
IN THE MATTER OF: )
)
) Number 2017-01
Western Union Financial Services, Inc. )
Englewood, Colorado )
ASSESSMENT OF CIVIL MONEY PENALTY
I. INTRODUCTION
The Financial Crimes Enforcement Network (FinCEN) has determined that grounds exist to assess a civil money penalty against Western Union Financial Services, Inc. (WUFSI or the Company) pursuant to the Bank Secrecy Act (BSA) and regulations issued pursuant to that Act.1 WUFSI admits to the facts set forth below and that its conduct violated the BSA. In order to resolve this matter, WUFSI consents to this assessment of a civil money penalty and entered the CONSENT TO THE ASSESSMENT OF CIVIL MONEY PENALTY (CONSENT) with FinCEN. The CONSENT is incorporated into this ASSESSMENT OF CIVIL MONEY PEANLTY (ASSESSMENT) by reference. FinCEN has authority to investigate financial institutions, including money services businesses (MSBs), for compliance with and violation of the BSA pursuant to 31 C.F.R. § 1010.810, which grants FinCEN “[o]verall authority for enforcement and compliance, including coordination and direction of procedures and activities of all other agencies exercising delegated authority under this chapter. . . .”
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Source: Financial Crimes Enforcement Network — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works
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