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Fines & Enforcements

This section includes initiatives by the FCA, ICO, Gambling Commission, SEC, US DoT among others.

Financial Conduct Authority (FCA)
Information Commissioner’s Office (ICO)
Gambling Commission
U.S Department of the Treasury – Penalties and Enforcement Information
U.S. Securities and Exchange Commission (SEC)

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US DoJ convicts fraudsters behind a $13M crypto Ponzi scam that duped investors with fake AI trading and a bogus regulator – spotlighting growing digital‑asset fraud threats

July 28, 2025

Vincent Anthony Mazzotta Jr., also known by aliases such as “Vincent Midnight” and “Director Vinchenzo,” admitted guilt on 28 July 2025 to laundering proceeds from a $13 million Ponzi scheme that used fake crypto trading platforms to lure investors. He also pleaded guilty to conspiracy to obstruct justice by destroying evidence and misleading investigators as part of efforts to conceal the fraudulent operation…

FCA fines Barclays £42M for serious financial crime lapses, including poor due diligence on Stunt & Co and unauthorised client funds at WealthTek, enabling fraud and ML

July 16, 2025

The majority of the penalty, £39.3 million, pertains to Barclays’ relationship with Stunt & Co, a gold bullion firm linked to Fowler Oldfield, a company involved in a major money laundering operation. Despite receiving £46.8 million from Fowler Oldfield, Barclays failed to conduct adequate due diligence or ongoing monitoring, even after law enforcement alerts and police raids on both firms…

NCA and key UK partners strike off 11,500+ fraudulent companies from the Companies House register in a major crackdown on fraud and ML, through disqualifications, agent closures and criminal referrals

July 16, 2025

The operation uncovered widespread abuse of company formation services, including thousands of firms registered at single addresses and links to organised crime. Actions included disqualifying individuals, shutting down high‑risk formation agents, and issuing criminal referrals. The initiative supports broader Companies House reforms aimed at strengthening identity verification and giving the Registrar new powers…

U.S DoJ announces guilty plea of a California man for orchestrating a $16M Medicare hospice fraud and ML scheme, using fake companies and stolen identities to bill for unnecessary services

July 14, 2025

Between 2019 and 2023, Esparza and co-conspirators used false documents and foreign nationals’ identities to open accounts and launder over $4.6 million in illicit proceeds, including $90,000 to buy a car. Several co-defendants have also pleaded guilty, receiving prison terms of up to 12 years and possible deportation….

CBUAE fines UAE bank AED 3M for AML/CFT failings uncovered during an examination that exposed critical compliance gaps and internal control breaches

July 10, 2025

The penalty forms part of CBUAE’s broader enforcement strategy, which includes recent fines against exchange houses and foreign bank branches, and reflects its ongoing efforts to strengthen transparency and accountability in the UAE’s banking system…

NYDFS with five other state regulators, secure a $4.2M settlement from Wise US for significant AML/CFT control failures

July 9, 2025

The coordinated enforcement highlights the commitment of state regulators to uphold stringent standards for money transmitters, ensuring consumer protection and the integrity of the financial system. This action reflects growing regulatory scrutiny on AML compliance in the money transmission sector and reinforces collaboration across states to safeguard the U.S. financial industry…

FCA fines Monzo £21.1M for systemic failures in AFC controls, exposing weaknesses in onboarding, risk assessment, and TM, onboarding 34,000+ high-risk customers without proper checks

July 8, 2025

Notably, some customers registered with implausible addresses like Buckingham Palace and 10 Downing Street. Although Monzo has since overhauled its anti-financial crime systems, the hefty fine underlines the FCA’s intensified scrutiny of banks’ compliance frameworks amid rising financial crime risks…

MAS imposes S$27.45M in penalties on 9 FIs for breaches linked to a major 2023 ML case involving over S$3Bn in illicit assets – marking its 2nd-largest AML/CFT enforcement action after the 1MDB case

July 4, 2025

MAS penalised 6 banks—Credit Suisse (S$5.8 million), UOB, UBS, UOB Kay Hian, Citibank, and LGT Bank—along with asset and trust firms Julius Baer, Blue Ocean Invest, and Trident Trust. Investigations began in early 2023 and concluded in early 2025, uncovering weaknesses in customer risk assessments, source‑of‑wealth checks…

FCA prosecutes 2 individuals for orchestrating a £1.5M cryptocurrency investment fraud that deceived 65+ victims through fake firms CCX Capital and Astaria Group LLP

July 4, 2025

Operating between 2017 and 2019, the duo lured victims via cold calls and fraudulent websites, claiming to offer legitimate crypto investments. Bedi was sentenced to 5 years and 4 months, while Mavanga received 6 years and 6 months, including time for tampering with evidence. The FCA hailed the convictions as a strong deterrent to financial criminals and confirmed that confiscation proceedings are ongoing to recover the stolen funds…

FCA convicts two individuals for insider dealing and laundering nearly £1M in illicit gains, exploiting confidential market data and moving the proceeds through international transfers

July 4, 2025

Redinel Korfuzi was sentenced to 4 years and 6 months in prison for insider dealing and money laundering after misusing confidential information obtained through his role at an investment bank to generate nearly £1.5 million in illicit profits. His sister, Oerta Korfuzi, received a suspended 2-year sentence for her role in laundering the proceeds, with the FCA highlighting the case as a clear demonstration of its commitment to tackling market abuse…

CBUAE imposes a financial sanction of AED 5.9M on a branch of a foreign bank operating in the UAE for failing to comply with UAE’s AML/CFT framework and related regulations

July 2, 2025

The penalty was issued under Article 14 of the Federal Decree Law No. 20 of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations. The sanction followed a regulatory examination which found that the bank had failed to comply with UAE’s AML/CFT framework and related regulations. CBUAE reaffirmed its commitment to enforcing compliance to safeguard the transparency and integrity of the financial system….

MAS fines 5 major payment institutions S$960K for inadequate AML/CFT controls and non-compliance with Notice PSN01 on cross-border money transfer services

June 27, 2025

Remsea was fined S$280,000 for failing to collect customer residential addresses, identify beneficial owners (BOs), and include originator information in wire transfers. Arcade Plaza Traders (APT) received a S$260,000 penalty for not screening customers and omitting wire transfer originator details. J-Dee was fined S$170,000 for failing to screen customers and BOs for ML/TF risks. Mobile Community Tech…

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