by Jyotsna Bucktowar | Oct 5, 2026
DNB found that Modulr Finance relied heavily on intermediary partners, including crypto-asset service providers, leaving it with insufficient oversight of its customers and transactions. The regulator identified weaknesses in monitoring high-risk countries,...
by Jyotsna Bucktowar | Sep 30, 2026
CBC has imposed a €750,000 administrative fine on Banque SBA Cyprus following findings from a supervisory examination conducted in 2023. The bank was found to have failed to comply with certain requirements under Cyprus’s AML/CFT legislation and the CBC’s AML/CFT...
by Jyotsna Bucktowar | Sep 29, 2026
The case involved CHF 1bn+ in private debt loans to a European group and client relationships involving two Russian PEPs, with failures to adequately verify source of wealth, scrutinise adverse media and meet reporting obligations. FINMA has ordered further measures,...
by Jyotsna Bucktowar | Sep 17, 2026
Erez’s Systematic Integrity Risk Analysis (SIRA) was too generic and did not adequately reflect its specific services and customer portfolio. Its procedures were inadequate, including transaction monitoring and customer risk-rating procedures. DNB found insufficient...
by Jyotsna Bucktowar | Sep 4, 2026
44.1% of its 908 clients were classed as high or very high risk, while three suspicious transaction reports were filed between 239 and 1,202 days late, including one involving a €5m payment linked to a politically exposed person. The AMSF found that Julius Baer’s AML...
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