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FinCEN Fines Western Union Financial Services, Inc.

January 19, 2017 / Source: FinCEN

The Financial Crimes Enforcement Network (FinCEN) has assessed a $184 million civil money penalty today against Western Union Financial Services, Inc. (WUFSI). WUFSI consented to FinCEN’s determination that prior to 2012, WUFSI willfully violated the Bank Secrecy Act’s anti-money laundering (AML) requirements by failing to implement and maintain an effective, risk-based AML program and by failing to file timely suspicious activity reports (SARs). FinCEN’s penalty is in conjunction with actions by the U.S. Department of Justice (DOJ) and the U.S. Federal Trade Commission (FTC).

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