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Fines & Enforcements
This section includes initiatives by the FCA, ICO, Gambling Commission, SEC, US DoT among others.
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Gambling Commission fines 32Red and Platinum Gaming for AML failures
Two online operators 32Red Limited and Platinum Gaming Limited, both part of Kindred Group plc, will pay a £7.1 million penalty for social responsibility and anti-money laundering failures. 32Red Limited, which runs 32red.com, will pay £4,195,655 whilst Platinum…
US DoJ fines Swedish telecoms provider, Ericsson, for breaches of 2019 DPA
Ericsson breached the DPA by violating the agreement’s cooperation and disclosure provisions. Ericsson will plead guilty to engaging in a long-running scheme to violate the FCPA by paying bribes, falsifying books and records, and failing to implement reasonable internal…
Gambling Commission fines Blue Star Planet Ltd for AML control failings
Blue Star Planet Limited, trading as 10Bet, will pay £620,000 after a Commission investigation revealed social responsibility and anti-money laundering failures. The operator – which runs 10bet.co.uk – will pay the money as part of a settlement with the Commission…
HKSFC fines Jinrui Futures Ltd HK$4.8m for breaching AML regulations
The HKSFC found that Jinrui Futures failed to perform adequate due diligence on the customer supplied systems used by clients for placing orders, and assess and manage the associated ML/TF and other risks; conduct proper due diligence on clients before account opening…
Gambling Commission fines In Touch Games for AML and compliance failures
The AML failures included not adequately taking account of the risk of a customer being a beneficiary of a life insurance policy ; having links to high-risk jurisdictions; or being a politically exposed person (“PEP”), family member of a PEP or known close associates…
FCA penalises Al Rayan Bank PLC for anti-money laundering failures
The FCA has fined the UK unit of Qatar’s Al Rayan Bank for failing to put in place adequate AML controls. The firm failed to adequately check its customers’ Source of Wealth and Source of Funds when it was required to make sure the money was not connected to financial crime…
FCA fines Santander UK for repeated AML failures
The FCA found serious and persistent gaps in its anti-money laundering (AML) controls, affecting its Business Banking customers. Santander failed to properly oversee and manage its AML systems, which significantly impacted the account oversight of…
Danske Bank reaches a resolution with the US & Danish authorities
Danske Bank reaches coordinated resolutions with the US and Danish authorities regarding the Estonia matter. It has taken extensive remediation action to address those failings to prevent any repeat, including new leadership and significant investments in systems…
SEC charges ABB Ltd for the bribery scheme it engaged in South Africa
The SEC’s order found that ABB executives in Switzerland and South Africa colluded with a high-ranking government official at Eskom, an electricity provider owned by the South African government, to funnel bribes to the official through complicit third-party service…
FCA issues Final Notice to former CEO for AML failings
FCA publicly censures the former CEO of Sonali Bank (UK) Limited (SBUK) for AML failings. The latter failed to take reasonable steps to assess and mitigate the AML risks arising from a culture of non-compliance among SBUK’s staff. He failed to ensure…
SEC announces Enforcement Results for FY22
The SEC filed 760 enforcement actions and recovered record $6.4 billion in penalties and disgorgement on behalf of investing public. These included 462 new, or “stand alone,” enforcement actions, a 6.5% increase over fiscal year 2021; 129 actions against issuers who were…
FCA fines Gatehouse Bank for poor AML checks
The bank failed to conduct sufficient checks on its customers based in countries with a higher risk of ML/TF. It also failed to undertake the correct checks when some of the customers were classed as PEPS. The bank has taken significant steps to improve its financial crime…