Western Union stumps up $586m settlement after abetting prolific fraud

The global money services business Western Union will pay $586 million to United States regulators after admitting criminal violations – including wilfully failing to maintain an effective anti-money laundering programme as well as aiding and abetting wire fraud. According to admissions made by the company, which is headquartered in Colorado, it violated US laws between 2004 and 2012 by processing hundreds of thousands of transactions for its agents and others involved in an international consumer fraud scheme.