UPDATE 1-Western Union profit falls as costs rise

jueves 31 de julio de 2014 17:30 GYT

* Per-share earnings of $0.36 in line with estimates

* Revenue up 1 pct to $1.40 billion

* Company to spend more on compliance (Adds CFO quote, CEO comment from the conference call, details)

By Neha Dimri

July 31 (Reuters) - Western Union Co, the world's largest money-transfer company, reported a 2 percent fall in quarterly profit as compliance costs rose.

The company faces rising costs as regulators worldwide crack down on money laundering and said that such costs would continue to rise.

"We will be spending more on compliance in the second-half of the year than we did in the first half," said Raj Agrawal, who was named chief financial officer on July 15.

The company said compliance-related expenses are expected to be about 3.5-4 percent of revenue in 2014.

Western Union, which gets most of its business from migrant workers sending money home, has lost ground in Mexico, a key market, after it was forced to close about 7,000 outlets over the last two years due to compliance issues.   Continuación...