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Fines & Enforcements
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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
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
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…
US DoJ sentences Mexican national to 8+ years for laundering $5.5M in cartel drug proceeds via U.S. cash pickups and crypto transfers to Mexico and facilitation of large-scale narcotics trafficking
A Mexican national has been sentenced to over eight years in prison for laundering $55 million through shell companies and complex bank transactions to support narcotics trafficking operations. The conviction demonstrates the U.S. Department of Justice’s commitment to dismantling sophisticated financial networks that facilitate cross-border drug crimes…
AUSTRAC, in a joint operation, identifies 90 crypto ATM users, including scam victims, money mules, and suspects – many of them elderly individuals defrauded in romance and investment scams
The operation conducted by AUSTRAC identified 90 individuals involved in crypto ATM transactions, encompassing victims of scams, money mules, and offenders. These findings highlight significant vulnerabilities within the crypto ATM sector and emphasize the need for strengthened regulatory oversight and enhanced compliance measures…
FCA secures convictions against 2 individuals for insider dealing and ML, after they misused confidential market information to generate over £1M in illegal profits
The FCA successfully prosecuted Redinel and Oerta Korfuzi for insider dealing involving 13 companies and for laundering proceeds from both trading and unrelated criminal activity. The FCA’s market surveillance systems detected the misconduct, and confiscation proceedings will follow sentencing in July 2025…
US DoJ seizes over $225M in cryptocurrency linked to global investment fraud and ML, highlighting the Govt’s intensified efforts to combat digital FC through advanced blockchain forensics
The case involves cryptocurrency transactions linked to multiple fraud schemes that deceived victims through false investment opportunities and impersonation. Authorities traced the illicit funds through complex digital trails, leading to the identification and seizure of assets…
FINTRAC fines Crystal Currency Exchange US$348K for serious AML/CFT violations, including failure to file STRs, report large fund transfers, and implement key compliance controls
The MSB failed to submit required suspicious transaction reports, report large cash transactions and electronic funds transfers, appoint a compliance officer, and maintain up-to-date compliance policies and training programs, among other violations. This enforcement action highlights FINTRAC’s strengthened regulatory oversight of money services businesses…
FCA leads a global crackdown on illegal “finfluencers,” removing over 650 illicit posts promoting unauthorised investments – marking a major step to counter emerging digital fraud and cross-border FC
In a coordinated enforcement action with regulators from Australia, Canada, Hong Kong, Italy, and the UAE, the operation launched in early June 2025, resulted in three arrests in the UK, four interviews under caution, and over 50 warnings issued. Authorities took down more than 650 pieces of illicit online content, targeting a growing trend where unlicensed individuals exploit social media to promote high-risk investments—often preying on young and vulnerable consumers…
UK Gambling Commission fines Spreadex £2m for repeated AML and social responsibility breaches, exposing critical risk blind spots across regulators
The regulator’s investigation revealed critical weaknesses in Spreadex’s risk assessment processes, which failed to adequately factor in key customer, product, geographic, and payment risks, leading to an insufficiently risk-based approach to anti-money laundering (AML). Moreover, Spreadex excessively depended on customers’ self-reported financial information without conducting…
Environment Agency secures major confiscation order against illegal waste operator, sending clear message that waste crime will be punished
The court found that Platinum Group Metals Recycling Ltd and its director, Edvars Stancik, operated illegal waste sites without the required environmental permits, generating unlawful profits exceeding £8.6 million. Confiscation orders were issued for available assets, and a warrant was issued for Stancik’s arrest after he failed to appear for sentencing.
CBUAE imposes AED 200m fine on an exchange house and AED 500,000 on its branch manager for major AML/CFT failures, reinforcing its commitment to financial integrity and regulatory compliance
The CBUAE emphasises 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 SEC accuses Unicoin and 3 top exec of misleading investors in a $100m scheme involving false claims about rights to Unicoin crypto tokens and company shares
General counsel settles for $37,500, while the company faces allegations of unregistered offerings and misleading marketing portraying tokens as SEC-registered and backed by billions in real estate…