Western Union fined $8 million

FEXCO’s US sister company Western Union has paid an $8m fine in the US after being accused of violations of federal and state laws designed to stem the flow of terrorist money.

The Killorglin-based financial services company is 25% owned by First Data Corporation, which owns Western Union Financial Services Inc, the world’s largest money-transfer company. Fexco is the exclusive provider of Western Union money transfers in Ireland and Britain and enjoys super agent status in Spain.

Western Union paid the 8m fine after New York’s banking department said the company failed to file almost 600 currency-transaction reports for cash transfers in one day that exceeded $10,000. It also failed to file 63 suspicious-activity reports so far this year, often because one individual transferred more than $10,000 in one day.