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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
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.
US DoJ secures $510m penalty from Credit Suisse Services AG for conspiring with US taxpayers to conceal $4bn in assets across 475 offshore accounts
The Swiss financial institution has been accused of conspiring to assist U.S. taxpayers in evading their tax obligations by concealing their ownership of funds at Credit Suisse. As part of the resolution, Credit Suisse Services AG has agreed to pay a $510 million penalty, which includes fines, restitution, and forfeiture. Additionally, the company has committed to full cooperation…
OFSI fines Svarog Shipping & Trading Company £5K for failing to respond to a Request for Information under the UK’s Russia sanctions regulations, marking a first-of-its-kind penalty
Svarog failed to respond within the required timeframe to a statutory Request for Information (RFI) made by OFSI, and failed to provide a reasonable excuse. In those circumstances, OFSI has the power to impose a penalty in respect of the information offence. This case highlights the importance of firms and individuals responding in a timely manner…
US DoJ charges Iranian national for operating Nemesis market, a dark web platform facilitating $400K transactions in drugs, cybercrime, and ML – exposing the rising threat of dark web crimes
Iranian national Behrouz Parsarad faces charges of conspiracy to distribute controlled substances, money laundering, and more. The U.S. government, in collaboration with German and Lithuanian authorities, seized the market in March 2024. Parsarad could face life in prison if convicted…
NYDFS fines Block, Inc. $40m over major AML and crypto compliance failures on its Cash App platform, citing serious gaps in customer identification and transaction monitoring
BSA/AML compliance failures cited include: weak customer due diligence, poor risk controls, and unchecked high-risk Bitcoin transactions on Cash App. Block must now appoint an independent monitor to oversee its remediation and ensure compliance with New York regulations…
Gambling Commission fines Football Pools £375K for AML and social responsibility breaches, citing weak risk profiling, delayed action, and over-reliance on financial alerts
The company allowed high-risk customers to continue gambling without completing enhanced due diligence checks and relied too heavily on financial alerts, failing to respond to other indicators of gambling harm such as excessive time spent or rapid spending. While the operator has since made improvements, the Commission has warned that further action…
US DoJ charges 2 Iranian nationals for conspiring to acquire US drone parts for Iran, supporting the IRGC (a foreign terrorist organisation), and engaging in ML to evade sanctions
The complaint outlines their use of shell companies and false representations to bypass U.S. sanctions, supplying parts for drones like the Mohajer-6, which were used in military operations in Ukraine…
US DoJ seizes around $201,400 in cryptocurrency linked to Hamas, disrupting a terror financing network that laundered over $1.5m since Oct 2024
The funds were traced through fundraising addresses controlled by Hamas, laundered via virtual currency exchanges, and aimed at supporting terrorist activities…
Gambling Commission fines Corbett Bookmakers £686,070 for AML and social responsibility failures, requiring a third-party audit to ensure it properly enforces its AML and safer gambling policies
AML failures included allowing customers to stake and lose large sums without sufficient KYC checks or verifying the source of funds. One customer lost £14,000 over eight months without proper fund legitimacy checks. The operator’s risk assessment also failed to fully address customer, product, geographic, and payment risks…
Gambling Commission fines AG Communications Limited £1.4M for repeated regulatory failures in social responsibility and AML practices
Including insufficient systems to prevent excessive gambling, delays in conducting safer gambling interactions, and inadequate Enhanced Customer Due Diligence (ECDD) checks for high-risk customers, marking the second penalty for the operator after a £237,600 fine in 2022 for similar issues…
BaFin fines Deutsche Bank €23m for failing to comply with AML standards in its derivatives sales and Postbank operations
The sanctions pertain to the bank’s failure to ensure continuity and regularity in investment services, inadequate recording of telephone conversations by its Postbank branch, and lapses in providing account switching services. These violations highlight significant compliance shortcomings within Deutsche Bank’s operations, underscoring the necessity for enhanced internal controls and adherence to regulatory standards…
UAE Securities & Commodities Authority fines multiple companies AED1.15m for failing to comply with AML/CFT rules and engaging in unlicensed activities
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, fostering a stable, secure, and reliable investment environment that aligns with the highest international standards and best practices…