WU Scam industry and money laundering :
WU “Western Union” advises its customers not to send money to someone that they have never met in person. Despite its efforts in increasing customers’ awareness of the issue, Western Union is used for internet fraud by scammers.
WU has been required to maintain records of payout locations of the individuals who may be laundering the money, though this information may be obtained only through the use of a subpoena. Hence advance-fee fraud and romance scammers continue to receive funds via WU confident in the knowledge that money lost to overseas scammers is almost always unrecoverable. For this reason, it is banned as a medium of payment through eBay, and discouraged on other online auction websites.
Western Union admitted to allowing wire fraud in January 2017 and agreed to pay $586m, for turning a blind eye as criminals used its service for advance fee fraud. Scammers engaging in various 419 advance fee scams including offering fake job offers and lottery prizes, were able to process transactions using Western Union money transfer, mainly by giving the agents a share of the earnings from their scams. Western Union failed to investigate hundreds of thousands of complaints victims filed.
Money laundering and terrorist financing :
The Central Bank of Ireland reprimanded and fined Western Union €1.75m in May 2015 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 saying that they were concerned that Western Union “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” and “the splitting of payments into many separate smaller payments is a common method used to launder money. Similarly, terrorist financing is often carried out by small payment transfers.”
Western Union agents also allowed Chinese immigrants to use the service to send hundreds of millions of dollars, by sending the amounts in smaller increments to avoid transfer reporting requirements, to pay human smugglers.
Western Union History :
The Western Union Company is an American financial services and communications company. Its North American headquarters is in Meridian, Colorado, although the postal designation of nearby Englewood is used in its mailing address. Up until it discontinued the service in 2006, Western Union was the best-known U.S. company in the business of exchanging telegrams.
Western Union has several divisions, with products such as person-to-person money transfer, money orders, business payments and commercial services. They offered standard “Cablegrams”, as well as more cheerful products such as Candygrams, Dollygrams, and Melodygrams.
Western Union, as an industrialized monopoly, dominated the telegraph industry in the late 19th century. It was the first communications empire and set a pattern for American-style communications businesses as they are known today. [ Read More… ]
WU Scam industry :
WU has been required to maintain records of payout locations of the individuals who may be laundering the money, though this information may be obtained only through the use of a subpoena.
Hence advance-fee fraud and romance scammers continue to receive funds via WU confident in the knowledge that money lost to overseas scammers is almost always unrecoverable. For this reason, it is banned as a medium of payment through eBay, and discouraged on other online auction websites. [ Read More… ]
Western Union Services :
Western Union’s website, westernunion.com, still allows users to send and receive funds to others, pay bills, or purchase gift cards. [ Read More… ]
Related Topics :
- Western Union agents in Boston | Tel & Locations & Work Times
- Western Union in Canada | Tel & Location.
- Western Union Agenten in Deutschland | Tel & Location
- Western Union Services | Online – Mobile – Bidpay