Western Union & the Arizona Office of the Attorney General Announce Successful Completion of Monitorship Along the Southwest ...
June 12 2017 - 8:00AM
Business Wire
The Western Union Company (NYSE: WU) and Arizona Attorney
General Mark Brnovich today announced that Western Union has
successfully completed the secondary recommendations for the
Southwest Border program, aimed at combating money laundering. The
Superior Court of the State of Arizona today accepted the
conclusions of an independent Monitor’s final report, immediately
concluding and closing the Monitor’s engagement. This milestone
demonstrates the continuous enhancements made by the Company to its
compliance programs.
“The partnership between the Arizona Attorney General’s Office
and Western Union resulted in a groundbreaking effort to combat
illegal enterprises that are funded through money laundering,” said
Arizona Attorney General Mark Brnovich. “I appreciate all
that we have accomplished, and I urge other money service providers
to take similar measures to help prevent human smuggling, cut off
financing for terrorist networks, and protect victims of
fraud.”
“We take our responsibilities seriously - to protect our
customers and to partner with law enforcement at all levels to
detect, deter and prevent our services from being used for illicit
purposes,” said Western Union Chief Compliance Officer
Jacqueline Molnar. “We appreciate the close partnership we have
with the Arizona Attorney General’s Office, which has helped us
strengthen our global compliance programs and create a safer
environment for our customers to send money to friends and family
worldwide.”
Globally, over the past five years, Western Union has increased
overall compliance funding by more than 200 percent and more than
20 percent of its workforce is dedicated to compliance functions.
During this time, many state, national and international regulators
and law enforcement bodies have commended Western Union for its
technology innovations, AML and other compliance programs, such as
developing custom algorithms to help combat money laundering and
terrorist financing, and for assisting with numerous
investigations.
In 2010, Western Union, pursuant to a settlement agreement with
the State of Arizona, embarked to create and maintain an
anti-money-laundering (AML) program to serve as a model for the
entire money transfer business worldwide. The program includes
several innovative and cooperative steps to combat money laundering
and help the states along the Southwest Border protect their
citizens.
Western Union and the Arizona Attorney General thanked the
court-appointed Monitor, BDO USA, LLP, for its hard work and
outstanding efforts in overseeing the successful completion of the
secondary recommendations of the agreed plan.
About Western Union
The Western Union Company (NYSE: WU) is a leader in global
payment services. Together with its Vigo, Orlandi Valuta, Pago
Facil and Western Union Business Solutions branded payment
services, Western Union provides consumers and businesses with
fast, reliable and convenient ways to send and receive money around
the world, to send payments and to purchase money orders. As of
March 31, 2017, the Western Union, Vigo and Orlandi Valuta branded
services were offered through a combined network of over 550,000
agent locations in 200 countries and territories and over 150,000
ATMs and kiosks, and included the capability to send money to
billions of accounts. In 2016, The Western Union Company completed
268 million consumer-to-consumer transactions worldwide, moving $80
billion of principal between consumers, and 523 million business
payments. For more information, visit www.westernunion.com.
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Western UnionBrad Jones,
720-332-0262bradley.jones@westernunion.com
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