Western Union Co plans to invest more in its compliance and monitoring systems to combat fraud and money laundering, its senior executive said.
Western Union’s President for Africa, Middle East, Asia Pacific, Eastern Europe and CIS, Jean Claude Farah, said the New York-listed money transfer firm spends $250 million yearly on compliance and money laundering controls globally.
Nevertheless, Western Union’s Irish division was fined 1.75 million euros ($1.93 million) this year after regulators found loopholes in its anti-money laundering controls.
“As part of this commitment to tighten control systems, we’ll be committing additional resources in our operations, including Africa, in order to ensure there are no loopholes,” Farah told Reuters.