Western Union Financial Services, Inc. provides consumer money transfer services. It focuses on operating money-transfer network, which enables consumers and businesses to transfer money, or make payments with money orders and other electronic systems. Western Union Financial Services, Inc. was formerly known as WUFS Inc. and changed its name to Western Union Financial Services, Inc. in 1999. The company is based in Greenwood Village, Colorado. Western Union Financial Services, Inc. operates as a subsidiary of The Western Union Company.
6200 South Quebec Street
Greenwood Village, CO 80112
Western Union Financial Services Inc. and Arizona Extend Terms of Settlement Agreement
Feb 5 14
Western Union Financial Services Inc. on Jan. 31 agreed to amend the settlement agreement entered into on Feb. 11, 2010, with the state of Arizona. The amendments on Jan. 31 were approved by the Superior Court of the state of Arizona in and for the county of Maricopa. The amendments extend the term of the settlement agreement until Dec. 31, 2017, and impose obligations on Western Union Co. and its unit in relation to the unit's anti-money laundering compliance programs and cooperation with law enforcement. The amendments mainly require the unit to continue implementing the primary and secondary recommendations made by the appointed monitor and include timeframes for implementing such recommendations, among other things. Under the amendments, the monitor may make additional primary recommendations until Jan. 1, 2015, and additional secondary recommendations until Jan. 31, 2017. After such period, the monitor may only make additional recommendations that meet certain requirements in the amendments. Primary recommendations may also be re-classified as secondary recommendations. In addition, the amendments provide that if Western Union Financial Services fails to effectively implement such compliance program along the U.S. and Mexico border, as determined by the monitor and subject to limited judicial review, within the timeframes to implement the monitor's primary recommendations, Arizona may select certain remedies, within 180 days after the monitor delivers its final report on the primary recommendations on Dec. 31, 2016, and subsequent to any judicial review of the monitor's findings. Arizona may opt to assert a willful and material breach of the settlement agreement and pursue remedies, which could include initiating civil or criminal actions; or require Western Union Financial Services to pay $50 million plus $1 million per primary recommendation or group of primary recommendations that the unit is unable to implement successfully. There are currently an aggregate of 73 primary recommendations and groups of primary recommendations. If the monitor concludes that Western Union Financial Services has successfully implemented such compliance program, Arizona cannot pursue either of the remedies mentioned, except that the state may require the Western Union unit to pay $1 million per primary recommendation or group of primary recommendations that it fails to\ implement successfully. At the conclusion of the timeframe to implement the secondary recommendations, if the monitor concludes that Western Union Financial Services failed to effectively implement such compliance program, Arizona cannot assert a willful and material breach of the settlement agreement but may require the Western Union unit to pay an additional $25 million. Additionally, if the monitor determines that the unit has effectively implemented the compliance program but failed to implement some of the monitor's certain recommendations, Arizona may require the company to pay $500,000 per such secondary recommendation or group of recommendations. There is no monetary penalty related to the secondary recommendations that are classified as such on the date of the amendments or any new secondary recommendations that the monitor makes after the date of the amendments. Further, the amendments require Western Union Financial Services to make a one-time payment of $250,000 and $150,000 per month for five years to fund the activities and expenses of a money transfer transaction data analysis center formed by the unit and a financial crimes task force composed of federal and state and local law enforcement representatives, including those from Arizona. The amendments also require the Western Union unit to continue funding the monitor's reasonable expenses in $500,000 increments as requested by the monitor.
Western Union Renews Contract with La Banque Postale
Oct 24 13
Western Union has renewed its long-term collaboration for money-transfer services with La Banque Postale.