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Central Bank of the UAE imposes an AED 200 million fine on an exchange house and AED 500,000 on a branch manager for major AML/CFT failures, reinforcing its commitment to financial integrity and regulatory compliance

by AdrianaAMLP | May 20, 2025

The CBUAE emphasizes strict enforcement of AML/CFT standards, holding both institutions and individuals accountable. It aims to protect the UAE’s financial system through robust supervision and zero tolerance for regulatory breaches.

UAE Securities & Commodities Authority fines multiple companies AED1.15m for failing to comply with AML/CFT rules and engaging in unlicensed activities

by Jyotsna Bucktowar | Feb 27, 2025

These strict actions underscore the SCA’s commitment to protecting investor rights and reinforcing the integrity of the UAE’s financial markets. Through its regulatory framework, the SCA aims to ensure accountability, transparency, and compliance,...

FINTRAC imposes $24,750 penalty on MSBG International Holdings Ltd. for outdated compliance policies

by Jyotsna Bucktowar | Feb 25, 2025

MSBG failed to develop and apply written compliance policies and procedures that are kept up to date. Following a compliance examination in 2023, this money services business in Vancouver, British Columbia, was imposed an administrative monetary penalty of $24,750 on...

FINTRAC issues a significant administrative monetary penalty against Argosy Securities Inc. for serious AML compliance failures

by AdrianaAMLP | Feb 13, 2025

The violations include failing to develop and maintain up-to-date written compliance policies, with entity policies requiring senior officer approval. Other breaches involve not assessing and documenting ML/TF risks per prescribed factors and failing to conduct and...

FINTRAC imposes an administrative monetary penalty of $33,000 on Cash Shop, for failing to provide requested compliance program documentation 

by Jyotsna Bucktowar | Feb 6, 2025

Cash shop was fined for non-compliance with Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and associated Regulations…  
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