PHOENIX—Western Union has agreed to a $94 million settlement in a dispute with Arizona prosecutors that centers on the state’s efforts to reduce the flow of immigrant and drug smuggling money through wire transfers.
The Arizona Attorney General’s Office said Thursday that the Englewood, Colo.-based company will pay $7 million to each of three Arizona law enforcement agencies to pay for costs of investigating Western Union and its agents.
Western Union also will contribute $50 million to the Southwest Border Anti-Money Laundering Alliance, which includes the attorneys general of Arizona, California, New Mexico and Texas.
The company will spend another $19 million to strength its own anti-money laundering effort and pay $4 million for independent monitoring of its anti-money laundering efforts.
