Phoenix, Arizona - Attorney General Mark Brnovich announced today a major development in the Anti-Money Laundering (“AML”) agreement between Western Union Financial Services, Inc. and the Arizona Attorney General’s Office. An independent court monitor found Western Union successfully implemented all of the primary recommendations required in the settlement agreement amendment dated January 31, 2014.
“Western Union’s Anti-Money Laundering Program is a crucial tool in helping the State of Arizona combat drug and human trafficking along the border,” said Attorney General Mark Brnovich. “We’ve forged a close partnership, with one goal in mind: to protect Arizonans from criminal activity.”
The Maricopa County Superior Court appointed BDO, LLP, as an independent court monitor to oversee the settlement agreement. Today, the court accepted BDO’s Final Report which concluded Western Union has successfully implemented an AML compliance program in the Southwest Border Area that is consistent with the requirements of the Bank Secrecy Act, relevant implementing regulations, industry best practices, and applicable guidance from government regulators as applied to money services businesses, and is reasonably designed to prevent, detect, and report money-laundering activity.
“Western Union has worked hard to implement the primary recommendations and is grateful for the close cooperation provided by the Office of the Attorney General as we have collaborated on strengthening our compliance programs,” said John Dye, Western Union General Counsel.
“Over the last few years Western Union has made great strides in developing an effective AML program,” added Brnovich. “We believe Western Union’s Southwest AML Compliance Program should be a model for others in the industry.”
There are still some secondary recommendations that Western Union needs to complete as part of the Settlement. Those recommendations should be completed by next year.