Western Union charged half Billion Dollar fine!

[HabBear]

http://www.reuters.com/article/us-usa-western-union-settlement-idUSKBN1532RL

Western Union admitted to aiding wire fraud and was charged a $586M fine! The allowed all sorts of scams to be facilitated through their payment service - think Dark Net stuff.

But the worst of it is that WU knew about the fraud and didn't do anything to stop it.

[lionheart78]

http://www.reuters.com/article/us-usa-western-union-settlement-idUSKBN1532RL

Western Union admitted to aiding wire fraud and was charged a $586M fine! The allowed all sorts of scams to be facilitated through their payment service - think Dark Net stuff.

But the worst of it is that WU knew about the fraud and didn't do anything to stop it.

I read the article and funny that they allow this fraudster to use their service in exchange of cut lol. So it is about the money.  I wonder why their license was not suspended.  When a small enterprise is found guilty of this charge, they then close the business and the owner may possibly end up in jail.   

[Mometaskers]

LOL and they accuse bitcoin as being haven for criminals! We all know that when there's money involved, corruption follows. Really can't design a system that would be immune to the blight. Good to show people that even these "trusted" institutions are prone to these lapses.

http://www.reuters.com/article/us-usa-western-union-settlement-idUSKBN1532RL

Western Union admitted to aiding wire fraud and was charged a $586M fine! The allowed all sorts of scams to be facilitated through their payment service - think Dark Net stuff.

But the worst of it is that WU knew about the fraud and didn't do anything to stop it.

I read the article and funny that they allow this fraudster to use their service in exchange of cut lol. So it is about the money.  I wonder why their license was not suspended.  When a small enterprise is found guilty of this charge, they then close the business and the owner may possibly end up in jail.   

Connections perhaps? If this was a bitcoin exchange you can just imagine how the media would have a field day.

[markj113]

Every bank on this planet has been found guilty of money laundering, fraud, mis-selling products.

So WU are not alone.

[HabBear]

I read the article and funny that they allow this fraudster to use their service in exchange of cut lol. So it is about the money.  I wonder why their license was not suspended.  When a small enterprise is found guilty of this charge, they then close the business and the owner may possibly end up in jail.   

This is a great question. I suspect it's because they've been determined to be "too big to fail". There are so many people in the developing world that rely on their payment infrastructure that taking them out of business may have the unintended consequence of leaving millions of people who rely on payments from relatives in the developed world going with out money for their paycheck to paycheck living.

[jhenfelipe]

I read the article and funny that they allow this fraudster to use their service in exchange of cut lol. So it is about the money.  I wonder why their license was not suspended.  When a small enterprise is found guilty of this charge, they then close the business and the owner may possibly end up in jail.   

This is a great question. I suspect it's because they've been determined to be "too big to fail". There are so many people in the developing world that rely on their payment infrastructure that taking them out of business may have the unintended consequence of leaving millions of people who rely on payments from relatives in the developed world going with out money for their paycheck to paycheck living.

Yes that's what I'm thinking too. Since WU is the world's biggest money-transfer company, it won't close immediately even they admitted it. The scenario that people have complaints about fraud should lead them to investigation already. Between 2004 and 2012 had been a long time and it was disappointing that WU didn't take any steps about the fraudulent transactions.

[JariKriting]

what is effect to western union, i think western union is never close service, because is business is profitable
and then second what is effect western union to bitcoin
i think is noting effect to bitcoin

[gabmen]

http://www.reuters.com/article/us-usa-western-union-settlement-idUSKBN1532RL

Western Union admitted to aiding wire fraud and was charged a $586M fine! The allowed all sorts of scams to be facilitated through their payment service - think Dark Net stuff.

But the worst of it is that WU knew about the fraud and didn't do anything to stop it.

I do 't think it's only wu doing thia though. I've come across a lot of companies allowig such farudulent operstions to push through. There was even a time when relay services for the deaf are being uaed for nigerians without the company doing anything about it even though it's very obvious at the onset. I think this really needs to be looked at and people should be reprimanded

[Xester]

http://www.reuters.com/article/us-usa-western-union-settlement-idUSKBN1532RL

Western Union admitted to aiding wire fraud and was charged a $586M fine! The allowed all sorts of scams to be facilitated through their payment service - think Dark Net stuff.

But the worst of it is that WU knew about the fraud and didn't do anything to stop it.

The fine was a very huge amount and aside from that the credibility of Western Union was tainted. Western Union was having problems with bitcoin and that is why they offer services to dark net activities. Its my opinion but possibly Western Union are having problem with their sales lowering and tried to raise it up by moving on to the dark side.