FinCEN Fines Western Union Financial Services, Inc. $185,000,000 for Past Violations of Anti-Money Laundering Rules In Coordinated Action with DOJ and FTC
We don't usually publish information about fines and regulatory action against Fintech companies. However not only is the size of the fine unusual (as in very large), the reasons for the fine are very important for fintech firms, especially payment services and e-money firms, which are subject to money laundering and terrorist financing regulations. This is an area we receive a lot of questions. Also, the Irish Central Bank fined Western Union €1,750,000 in May 2015 for money laundering failures.