Western Union Successfully Implements Anti-Money Laundering Requirements

An independent court monitor has found that Western Union has successfully implemented all of the primary recommendations required in the settlement agreement amendment dated January 31, 2014 with the State of Arizona. There are still some secondary recommendations that Western Union needs to complete as part of the Settlement. Those recommendations should be completed by next year.

The Maricopa County Superior Court appointed BDO, LLP, as an independent court monitor to oversee the settlement agreement. Today, the court accepted BDO’s Final Report which concluded Western Union has successfully implemented an AML compliance program in the Southwest Border Area that is consistent with the requirements of the Bank Secrecy Act, relevant implementing regulations, industry best practices, and applicable guidance from government regulators as applied to money services businesses, and is reasonably designed to prevent, detect, and report money-laundering activity.

“Western Union has worked hard to implement the primary recommendations and is grateful for the close cooperation provided by the Office of the Attorney General as we have collaborated on strengthening our compliance programs,” said John Dye, Western Union General Counsel.

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