The Central Bank has fined Western Union Payment Services Ireland €1.75m because of failures in anti money laundering practices which could have left the firm’s payment services open to being used for money laundering and/or terrorist financing.
The Central Bank’s director of enforcement, Derville Rowland said that the level of the fine imposed reflects a significant increase on penalties previously imposed for similar failures, and is due to the sector in which the firm operates and its reliance on third party agents and outsourced service providers.
“The firm is a global market leader in the provision of payment services. I am therefore concerned that this firm failed to have in place sufficiently robust systems and procedures to train agents, to monitor and identify suspicious activity in respect of smaller transactions, and to maintain appropriate records,” she said.
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