Regulatory Alerts2017-01-19 | 2017-01Added
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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