Self-Reporting 'Helped Mitigate' Western Union Sanctions Penalty

Western Union has agreed to a fine over allegations it violated U.S. sanctions by processing transactions to a recipient entity in the Gambia that was deemed to have ties to terrorism funding.

Under terms of the enforcement agreement with the Treasury Department's Office of Foreign Assets Control (OFAC), the global money transfer giant will pay some $400,000 to settle potential civil liability for nearly 5,000 transactions totaling approximately $1.3m.

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