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Western Union fulfills Arizona anti-money laundering obligations

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Western Union fulfills Arizona anti-money laundering obligations

Western Union Co. has completed secondary recommendations for a court-ordered program aimed at combating money laundering operations along the U.S. Southwest border, Arizona Attorney General Mark Brnovich and the payment service provider said June 12.

The announcement came after The Superior Court of the State of Arizona accepted the conclusions of a report published by independent court-appointed monitor BDO USA, LLP, appointed to oversee the program. In 2010, Western Union agreed to launch an anti-money laundering initiative along the Southwest border pursuant to a settlement with the State of Arizona. The Court's action also closes the monitor's engagement in the program, Western Union said in a statement.

Through the program, Western Union has developed a host of technological innovations, such as a series of algorithms, designed to reduce money laundering and terrorist financing efforts, the company said. Brnovich urged other money service providers to adopt similar measures to curtail financing for terrorist networks and protect victims of fraud.