Western Union fined €1.75m by Central Bank

The Central Bank has fined Western Union €1.75m after the payment services giant failed to comply with money laundering and terrorist financing laws.

The procedures are meant to stop the proceeds of crime being transmitted around the world and to ensure that customers can be identified.

Companies must ensure they retain proper records and maintain systems to identify suspicious transactions. But the Central Bank said Western Union failed to show that it had “robust” controls to meet the conditions for anti-money laundering and to prevent the financing of terrorism.