Colorado-headquartered financial services giant Western Union has agreed to forfeit $586m to US authorities after admitting to criminal violations including enabling illegal gambling transactions between Florida residents and offshore sportsbooks.

The $586m figure represents the largest forfeiture ever imposed on a money services business and follows Western Union's admission of criminal violations, including wilfully failing to maintain an effective anti-money laundering (AML) program and aiding and abetting wire fraud.

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