Our extensive knowledge at your fingertips

Latest editions

Search

UK Gambling Commission fines Platinum Gaming £10M for major AML and social-responsibility breaches, citing weak controls and failure to act on high-risk, high-loss players

October 22, 2025

The Commission’s investigation found that Platinum Gaming’s policies and controls inadequately identified and intervened when players lost thousands within hours or days of registration, repeatedly breached loss limits, and displayed high-velocity gambling behaviour without appropriate customer interaction. Gambling Commission It also uncovered anti-money-laundering weaknesses including a risk assessment that failed to consider customers whose accounts had been blocked previously for money-laundering concerns…

FINTRAC imposes a $601,139.80 penalty on First Nations Bank of Canada for multiple AML compliance failures, including missed suspicious reports, inadequate policies, and poor monitoring

October 16, 2025

FinCEN issues final rule blocking Cambodia-based Huione Group from the U.S. financial system for facilitating North Korean cyberheist proceeds and Southeast Asian virtual currency scams

October 14, 2025

The action reflects FinCEN’s determination that Huione Group lacks adequate anti-money laundering controls and has facilitated illicit financial activity linked to cybercrime and North Korean networks. By imposing a Section 311 special measure, the action enhances U.S. AML safeguards, underscores the risks posed by inadequately supervised foreign financial institutions, and reinforces the importance of correspondent banking vigilance…

OFSI to move to a single list for UK sanctions designations from 28 Jan 2026, consolidating previous lists, introducing a new Unique ID and, expanding file formats to streamline compliance

October 13, 2025

This change aims to simplify sanctions compliance and reduce duplication of effort. Businesses and organizations that rely on the OFSI Consolidated List for sanctions screening must transition to using the UKSL by the specified date. Notably, the UKSL will introduce a new identifier, the ‘Unique ID,’ replacing the ‘OFSI Group ID’ previously used for financial sanctions designations. While the UKSL will continue to support the historic ‘OFSI Group ID’ for pre-28 January 2026 designations, all new designations will only have the ‘Unique ID’ and ‘Sanction…

FINTRAC fines DMCL Chartered Professional Accountants $72,750 for multiple violations of AML regulations, including failing to implement compliance policies, assess risks, and review its program

October 9, 2025

These violations included failing to develop and apply written compliance policies and procedures, not assessing and documenting the risk of money laundering or terrorist activity financing, and not instituting and documenting the prescribed review of its compliance program every two years. The penalty has been paid in full, and the case is now closed….

FINTRAC fines KuCoin (Seychelles-based Peken Global Ltd) CAD19.5M for failing to register, report large virtual currency transactions, and file SARs under Canada’s AML/CTF laws

September 25, 2025

The company failed to register with FINTRAC, did not report large virtual currency transactions over CAD 10,000 with required details, and neglected to file suspicious transaction reports despite reasonable grounds to suspect links to money laundering or terrorist financing. FINTRAC highlighted the case as part of its broader compliance efforts…

FINTRAC imposes CAD264,000 fine on Spence Diamonds Ltd. for AML/CTF compliance failures, including missing STRs, policies, risk assessments, staff training, and reviews

September 23, 2025

The violations include failing to file suspicious transaction reports, lacking updated written compliance policies and procedures, not conducting or documenting a risk assessment, failing to maintain a compliance training program, and not performing required reviews…

HMRC levies a £158,679 fine against DYS44 Art Gallery Ltd for multiple compliance failures, including inadequate risk assessments, lack of staff training, and poor due diligence procedures

September 23, 2025

Based in London, the gallery was fined for wide-ranging procedural failures, including “[not] carrying out risk assessments, having the correct policies, controls and procedures, appropriate staff training, conducting due diligence, timing verification, and record keeping”…

UK Gambling Commission fines Maple International Ventures Ltd, operator of Lottomart.com, £360,000 for serious AML and social responsibility breaches

September 17, 2025

The Gambling Commission emphasized that effective implementation of robust policies and procedures is essential for all licensed businesses to ensure safer gambling environments. Operators are encouraged to review the public statement issued by Maple International Ventures to assess the effectiveness of their own compliance measures…

BaFin imposes a €3.8M fine on Varengold Bank AG for major AML/CTF deficiencies, including poor risk analysis, weak IT controls, and CDD lapses, especially on Iran-linked transactions

September 16, 2025

Additionally, from June 2023 to March 2025, the bank systematically failed to report suspicious transactions within the required timeframe. BaFin has mandated Varengold to implement corrective measures and submit regular progress reports. The enforcement actions are final and binding as of September 2, 2025…

EPPO secures a conviction in Croatia over rigged software procurement that defrauded EU and national funds of €272,000

September 12, 2025

The European Public Prosecutor’s Office (EPPO) secures a conviction in the Croatia case concerning an unlawful software procurement by the Ministry for Regional Development and EU Funds. The verdict, following a plea bargain, finds the owner of a business guilty of manipulating tender procedures to benefit connected firms and causing €272,000 in losses to EU and Croatian finances.

FINTRAC imposes a $1,175,000 administrative monetary penalty on the Saskatchewan Indian Gaming Authority (SIGA) for multiple AML compliance failures