Regulatory Alerts2003-03-06 | 2003-02Added
Assessment of Civil Money Penalty with Undertakings in the Matter of Western Union Financial Services, Inc.
FinCEN assesses a $3,000,000 civil money penalty against Western Union Financial Services, Inc. for willfully violating Bank Secrecy Act suspicious activity reporting requirements by failing to identify and report structured transactions across multiple agents. Western Union has late-filed 662 Suspicious Activity Reports and agrees to pay the penalty within five business days. The company must also complete nationwide corrective actions by June 30, 2003, including filing additional Currency Transaction Reports, enhancing its automated monitoring systems, and establishing an enhanced due diligence policy for agent compliance.
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