Western Union 2011 Annual Report Download - page 11
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• failure to manage credit and fraud risks presented by our agents, clients and consumers or
non-performance by our banks, lenders, other financial services providers or insurers;
• adverse movements and volatility in capital markets and other events which affect our liquidity, the
liquidity of our agents or clients, or the value of, or our ability to recover our investments or amounts
payable to us;
• any material breach of security or safeguards of or interruptions in any of our systems;
• our ability to attract and retain qualified key employees and to manage our workforce successfully;
• our ability to maintain our agent network and business relationships under terms consistent with or more
advantageous to us than those currently in place;
• adverse rating actions by credit rating agencies;
• failure to compete effectively in the money transfer industry with respect to global and niche or corridor
money transfer providers, banks and other money transfer services providers, including
telecommunications providers, card associations, card-based payment providers and electronic and
Internet providers;
• our ability to protect our brands and our other intellectual property rights;
• our failure to manage the potential both for patent protection and patent liability in the context of a rapidly
developing legal framework for intellectual property protection;
• changes in tax laws and unfavorable resolution of tax contingencies;
• cessation of various services provided to us by third-party vendors;
• material changes in the market value or liquidity of securities that we hold;
• restrictions imposed by our debt obligations;
• significantly slower growth or declines in the money transfer market and other markets in which we
operate;
• changes in industry standards affecting our business;
Events Related to Our Regulatory and Litigation Environment
• the failure by us, our agents or their subagents to comply with laws and regulations designed to detect and
prevent money laundering, terrorist financing, fraud and other illicit activity;
• changes in United States or foreign laws, rules and regulations including the Internal Revenue Code,
governmental or judicial interpretations thereof and industry practices and standards;
• liabilities resulting from a failure of our agents or subagents to comply with laws and regulations;
• increased costs due to regulatory initiatives and changes in laws, regulations and industry practices and
standards affecting our agents;
4