Thread: Western Union
01-25-2004, 10:14 AM #1
DISCLOSURE OF INFORMATION
Western Union does not disclose customer information to third parties without first giving customers an opportunity to opt-out of certain kinds of disclosures. There are some disclosures to third parties that are not subject to the opt-out, such as disclosures necessary to effect, administer or enforce a transaction requested by you, to companies that perform services for us or to prevent fraud. In addition, Western Union may disclose customer information to companies that, like Western Union, are part of the First Data corporate family. Finally, Western Union may disclose information about former customers to third parties and companies with which Western Union is affiliated, as well as unaffiliated third parties. Those disclosures may consist of the following:
Financial background information describing a customer's financial status;
Identification information, such as name and address data;
Transaction information, such as account activity, debit activity or credit activity; and
Other information relating to financial matters.
RECIPIENTS OF INFORMATION
Western Union may disclose consumer information to companies affiliated with Western Union and to companies or other parties not affiliated with Western Union (subject to consumers'opt-out rights). These recipients include:
Financial institutions, such as banks, credit card companies and brokerage houses;
Retailers, such as home furnishers, clothing stores and florists;
Companies that process transactions or provide other services for us;
Government agencies; and
Catalogue companies and other direct marketers.
In addition, under federal law Western Union is permitted to disclose customer information to certain recipients, such as credit reporting companies.
Money-transfer agents have long tried to allay fears they are a hotbed of money laundering. They must get identification for every transaction over $3,000, report those over $10,000 to their state banking department, and voluntarily file Suspicious Activity Reports to the Treasury Dept. But until new legislation goes into effect in January, they have no federal regulator. The Patriot Act, aimed at tracking and stopping terrorist money, should bring some radical changes. "The money-transfer business was caught in the crosshairs," says Donald Vangel, who is a partner with Ernst & Young. "They're going to have to beef up their controls."
Blanchard was told to put $1,000 into a Western Union account. He negotiated with the accused to only make a payment of $300.
Western Union notified the FBI that the $300 had been withdrawn at a Kroger supermarket on Taylor Boulevard in Louisville. Blanchard said the FBI then determined the e-mail had come from an Internet service provider that served the Intown Suites.
(these are changes the Patriot Act makes, which WU was recently find 8 million dollars for not doing, and were made to enforce them.)
imposing additional "special measures" and "due diligence"
requirements to combat foreign money laundering;
! prohibiting U.S. financial institutions from maintaining correspondent accounts for foreign shell banks;
! preventing financial institutions from allowing their customers to conceal their financial activities by taking advantage of the institutions’concentration account practices;
! establishing minimum new customer identification standards and recordkeeping and recommending an effective means to verify the identity of foreign customers;
! encouraging financial institutions and law enforcement agencies to share information concerning suspected money laundering and terrorist activities; and
! requiring financial institutions to maintain anti-money laundering programs which must include at least a compliance officer; an employeetraining program; the development of internal policies, procedures and
controls; and an independent audit feature.
December 18, 2002 (this means the changes have been in place for the last year.)
New York, NY: Superintendent of Banks Elizabeth McCaul announced today that the Banking Department reached a Consent Agreement with Western Union for violating the Federal Bank Secrecy Act (BSA), the USA PATRIOT Act and various sections of the New York State Banking Law. The Consent Agreement includes a fine of $8 million and requires Western Union to enhance its existing BSA compliance program. New York law requires that all licensees be in compliance with all applicable state and federal laws.
"Compliance with the BSA and USA PATRIOT Act is critical to the safety and soundness of our nation’s financial services industry, " Superintendent of Banks Elizabeth McCaul said. "The New York State Banking Department takes violations of the USA PATRIOT Act, the BSA, and the New York Banking Law very seriously. We want to ensure that the U.S. financial system is not used for illegal purposes."
The Banking Department conducted an examination of Western Union and found that it failed to timely file CTRs and SARs and to adequately supervise the activities of its agents. During the course of the examination, Department examiners found that Western Union did not file CTRs on multiple same day transactions conducted at different agents which, when aggregated, totaled in excess of $10,000. When the Banking Department uncovered that Western Union was not complying with the laws previously cited, it directed them to implement the practice of filing CTRs for aggregated transactions between agents that exceed $10,000.
"It is important that financial institutions understand the requirement that FinCEN has put in place to file CTRs for transactions based on the aggregation of consumer transactions regardless of whether the transactions occurred at related or unrelated agent locations," Superintendent McCaul added.
The terms of the Consent Agreement require Western Union to:
Pay a fine of $8 million to the New York State Banking Department;
Comply with all relevant provisions of the BSA, the USA PATRIOT Act and provisions of the Banking Law and regulations within forty-five days of the Agreement;
Initiate an acceptable BSA Compliance program within forty-five days of the Agreement consistent with the requirements of the BSA.
Western Union cooperated with the Banking Department during its examination and to date, all CTRs and SARs identified by the Banking Department have been filed with the proper authorities.
All in all WU can, will and has given personal information when they think there is a chance it isn't above board (trying to avoid another 8 mil fine) and when ever any gvt. agency wants it, even with out a warrant.
Cash in a an envelope seems much safer
01-25-2004, 10:20 AM #2
i said it before, i'll say it agai, WU are a bunch of cock smokin, piece of sh*t mofo's who rip people off
01-25-2004, 10:28 AM #3
They charged me 45 bucks for a 300 dollar transaction it is such bull****
01-25-2004, 10:30 AM #4
was there the other day........had to fill out a form and you need to show your drivers license........no more alias's..........That was it for me..I'm done!!!!!!!!!!!!!!!!!!
01-25-2004, 01:01 PM #5
What about euro cash.............anyone using that???
Originally Posted by Da BullThe answer to your every question
A bigot is a person obstinately or intolerantly devoted
to his or her own opinions and prejudices, especially
one exhibiting intolerance, and animosity toward those of differing beliefs.
If you get scammed by an UGL listed on this board or by another member here, it's all part of the game and learning experience for you,
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I will not do source checks for you, the peer review from other members should be enough to help you make a decision on your quest. Buyer beware.
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