Western Union Fined $586 Mln for Money Laundering, Fraudulent Transfers

Western Union Fined $586 Mln for Money Laundering, Fraudulent Transfers

Remittance giant Western Union has been fined $586 mln after admitting to money laundering and supporting fraudulent wire transfers. The penalty of $586 mln will be used as a refund for the victims of the crimes. Negligence. The Department says Western Union's negligence led to malpractices, and that they could have prevented the significant loss to US consumers if due diligence was upheld. Edith Ramirez, chair of the Federal Trade Commission, noted that: “Western Union owes a responsibility to American consumers to guard against fraud, but instead the company looked the other way, and its....


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