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WESTERN UNION’S IRISH arm has been slapped with a €1.75 million fine after regulators found a number of holes in its anti-money laundering policies.
The Central Bank imposed the penalty after the money-transfer firm outsourced key work designed to stop the illegal practice to a subsidiary in Lithuania.
It said the company also came up short in keeping customer records, training retail agents and identifying suspicious activity.
Western Union operates a network of agents in Ireland and it relies on them to collect people’s information, but the Central Bank found it didn’t have procedures in place to make sure they properly checked ID and held onto copies of documents.
It also didn’t have any IT system that monitored potentially suspicious transactions worth less than $500, instead relaying on staff in Denver to do the work.
That meant it could be easy for money to be laundered or sent to terrorist groups in multiple, small transfers.
Central Bank enforcement director Derville Rowland said Western Union was a global leader in the payment-services industry and it was worrying it didn’t have the right systems in place.
(Our) action must be viewed in light of the inherent risks in the sector in which this firm operates and by reference to the scale and geographic size of the firm’s business and its reliance on third party agents and outsourced service providers,” he said.
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There’s a shock,Nigerians wiring the money’s home not all above board,adonbalivit
Jesus,Mick Lennon, tell us all about the free taxis they get to the hairdressers to have their braids done for free while you’re at it, will you?
@John what you don’t know could fill a canyon.
Over €500 million sent from Ireland to Nigeria in 2014 through Western Union.
Says a Trekkie!
John , 100s of Millions have been transferred to Nigeria by Western Union , believe it or not it was brought up in the Dail , unless our ‘new Irish ‘ are working overtime ( don’t let the facts that over 66% are unemployed ) only a fool would think this can above board , I know you are not a fool John
Apple has accumulated almost $70 billion in profits from non-US operations that have not been subjected to US corporation tax and which have largely been booked by Apple subsidiaries organised in Ireland , have that! All that cash left Ireland , why nobody complains about that!
HSBC got done for money laundering and the tax evasion. Don’t worry though our banks are the pillars of society and must get those bonuses no matter how many people starve
what bonuses?
You’d be better finding who didn’t get a bonus rather than who did
So you do know of people in Irish banks that are getting bonuses?
Western Union has been leaving the door open for money laundering!!
No shit Sherlock!
Not surprised at all western union make s bucket load out of the transactions. They couldn’t give a toss who is sending the money and where they got it. In Netherlands you have to bring in work contract and pay slip to prove where your money came from.
WU should be fined for their cr@p exchange rates
Western Union ties in to Bangladeshi bank that gives 8% of Zakat(Islamic Charity) to terrorists-. . What people will do for money!
–”A major partnership has been reported between Western Union and Islami Bank Bangladesh Limited (IBBL) to provide remittance services to Bangladeshi expatriates.
IBBL is the largest and oldest sharia-compliant bank in Bangladesh. The Islami Bank Foundation is its charitable wing. Money Jihad has previously reported that:
In January 2011, the government of Bangladesh said there were “strong evidences of militant financing by the Bank and the Foundation.”
Bangladesh’s home ministry announced in March 2011 that 8 percent of IBBL’s profits are diverted as zakat to support militant jihad.
Abu Bakr Rafique, one of the advisors on IBBL’s sharia board, was arrested and interrogated in September 2011 for his suspected involvement in an Islamist attack that left three police officers seriously injured.
http://businessetc.thejournal.ie/western-union-money-laundering-2112147-May2015/
Nigerian Bank owned by the Yanks oh the irony !!
New(s)!
Crypto currencies will make these archaic money transfer methods redundant. Bitcoin, ripple or my fav IrishCoin http://irishcoin.org
@Sean H. Also BitGold/XAU from May15 ste/ventures. No need for Western Union.
Should read TSE/VENTURES.
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