Western Union confused and perplexed by money laundering regulations


Western Union is befuddled by the “complex nature” of complying with money laundering controls. Apparently it’s just darned hard to figure out how to not launder drug cartel money. They paid $94 million in fines in 2010, promised to sin no more, and to clean up their act. They were supposed to be in full compliance by 2013, but weren’t. The deadline has been extended to 2017, and they may pay additional fines. I guess that’s just the cost of doing business, isn’t it?

The revised settlement also raises the prospect of new financial sanctions on Western Union in the event its compliance program doesn’t pass muster with the independent monitor. Among other potential fines, the state could require the firm to pay $50 million plus $1 million for each so-called primary recommendation or group of primary recommendations it doesn’t implement successfully, the document said. There are now 73 primary recommendations and groups of primary recommendations overall.