Western Union has been criticized by The Financial Markets Authority for not having enough cash on hand to support its foreign exchange contracts.
According to the Financial Markets Authority Te Mana Ttai Hokohoko (FMA), Western Union Business Solutions (Australia), does not always maintain sufficient capital to satisfy its licensing criteria.
The FMA conducted an inquiry and discovered that, between July 2019 and June 2021, Western Union’s net tangible assets (NTA) occasionally fell below the lower of $1 million or 10% of its average revenue.
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