According to the confessions contained in the Deferred Prosecution Agreement (DPA) and the accompanying facts, Western Union violated the U.S. law – the Bank Secrecy Act (BSA) and the Anti-Fraud Act – between 2004 and 2012, by making hundreds of thousands of transactions for Western Union agents and others who participated in an international consumer fraud scheme. Western Union`s complaint reminds financial institutions, traditional banks and non-traditional financial services companies, casinos and cheque-payment companies that facilitating criminal activity through financial services carries significant risks to the financial operator. To protect themselves from enforcement action or regulatory control, financial institutions must implement robust compliance programs that are not left behind when the business attempts to generate substantial revenue from questionable activities. The complaint was filed in February 2017 following the announcement of a deferred law enforcement agreement (DPA) between Western Union and the U.S. Department of Justice. The data protection authority relied on the Western Union`s alleged failure to maintain an effective AML programme between 2004 and 2012 and to support and support fraud over the course of the thread. The DATA agency we have previously blogged on has accused Western Union of submitting suspicious activity reports (« SAR ») on the activities of its clients, but has not provided SARs regarding the actions of its own agents, who were probably complicit. The Federal Trade Commission and FinCEN`s data protection and civil enforcement authority have asked Western Union for a combined fine of $586 million. « Western Union owes American consumers the responsibility to protect themselves from fraud, but instead, the company looked the other way, and its system facilitated fraudsters and scams, » said President Ramirez. The agreements we are announcing today will allow Western Union to change its operations and provide more than half a billion dollars for refunds to consumers who have been harmed by the company`s illegal behaviour.
The comparison with the New York Department of Financial Services (DFS) follows the money transfer company`s January 2017 agreement to pay $586 million to resolve similar claims by the Justice Department and the Federal Trade Commission. « The U.S. Attorney`s Office for the Middle District of Pennsylvania has a long history of prosecuting corrupt Western Union agents, » said U.S. Attorney Brandler. « Since 2001, our office, in collaboration with the United States, has