After apparently failing to put in place adequate anti–money laundering controls, the Western Union Co. will remain under the supervision of a court-appointed monitor through the end of 2017, will fund a special financial crimes center, must continue to pay for new compliance reforms and could face millions of dollars in penalties.
The company and Arizona attorney general Thomas Horne announced Tuesday that they have agreed to extend a February 2010 settlement over alleged money laundering to allow Western Union more time to implement reforms. The company never admitted any wrongdoing.
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