Money transfer giant Western Union has agreed to pay over $580 million to settle a case with the authorities after admitting it aided and abetted wire fraud and broke anti-laundering rules.
Looking the other way and allowing fraud
The $586m forfeiture is the largest ever imposed on a “money services” business and will be made available to compensate the many victims of fraud that lost money as a result of Western Union scams, according to a lengthy FTC release. The firm was accused of effectively looking the other way and allowing fraud and money laundering to continue – in many cases facilitated by its own agents – in a quest for profits.
Read more at Info Security Magazine.