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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 secures a guilty plea from Alex Saab for conspiring to launder proceeds from a bribery and fraud scheme involving Venezuelan public contracts

September 15, 2026

Saab admitted participating in a nearly decade-long scheme involving Venezuela’s CLAP food and medicine programme. According to the DOJ, conspirators used bribes and other illicit payments to obtain government contracts for entities they secretly controlled and subsequently laundered proceeds generated through the scheme. The case is particularly relevant from an ABC/AML intersection perspective because it demonstrates the use of money-laundering offences to pursue proceeds generated through public-sector corruption.

US DOJ files a civil forfeiture complaint seeking approx. $61M in cryptocurrency allegedly linked to proceeds from the black-market sale of sanctioned Iranian crude oil and petroleum products

September 14, 2026

Federal prosecutors filed a civil forfeiture complaint alleging that the digital assets represent proceeds from sales of Iranian crude oil and petroleum products intended to finance the Iranian government and military organisations, including the IRGC. The case brings together sanctions evasion, terrorist financing, cryptocurrency tracing and asset forfeiture, although the DOJ emphasises that the allegations remain unproven unless and until a court enters…

Hong Kong Customs investigates an unregistered precious metals and stones dealer for conducting regulated jewellery transactions above the statutory threshold

September 9, 2026

The case concerns transactions exceeding HK$120,000 conducted by a company that was not registered under Hong Kong’s Dealers in Precious Metals and Stones Regulatory Regime. The regime requires dealers conducting qualifying cash or non-cash transactions at or above the threshold to register, reflecting the AML/CFT risks associated with high-value portable assets. The investigation remains ongoing.

Monaco’s AMSF fines Julius Baer Wealth Management €1.5M for serious AML failings, after finding weaknesses in client risk assessments, BO checks, screening and transaction monitoring

September 4, 2026

44.1% of its 908 clients were classed as high or very high risk, while three suspicious transaction reports were filed between 239 and 1,202 days late, including one involving a €5m payment linked to a politically exposed person. The AMSF found that Julius Baer’s AML responsibilities with its sister bank were not clearly defined, leaving the wealth manager overly dependent on the bank’s checks without adequate oversight….

Eurojust and Italian-German authorities uncover a €4.5M ML scheme involving diverted sports grants, with €7M in assets seized, including bank a/cs, luxury vehicles, businesses and real estate in Germany

September 4, 2026

Italian and German authorities, supported by Eurojust, have uncovered an alleged €4.5m laundering scheme involving grants and funding received from universities, public organisations and national sports bodies. Investigators allege funds were diverted from a legitimate sports association through a second fake association, bank transfers and cash withdrawals, before money was transferred to family members and €2.5m moved to Germany…

US DoJ charges a New Hampshire man with operating an unlicensed hawala that allegedly transferred more than $25m between the United States and Yemen

September 3, 2026

The indictment alleges that the defendant operated dozens of bank accounts through businesses under his direct or indirect control and used them to facilitate an informal cross-border money-transfer network. The case is especially topical alongside FATF’s September report on the exploitation of hawala and underground banking by professional money launderers. The charge remains an allegation and the defendant is presumed innocent unless proven guilty.

FINTRAC fines Nova Scotia Gaming Corporation C$231,826 for weaknesses in suspicious transaction reporting and its wider AML/ATF compliance framework

September 3, 2026

FINTRAC found failures to report attempted transactions where there were reasonable grounds to suspect links to money laundering or terrorist financing, alongside deficiencies in documented compliance policies and procedures and the assessment of ML/TF risks. The corporation has paid the penalty and the proceedings are concluded.

FINTRAC fines the New Brunswick Lotteries and Gaming Corporation C$399,712.50 for failing to report suspicious transactions linked to potential money laundering or terrorist financing

September 3, 2026

Following a compliance examination, FINTRAC found that the casino-sector entity failed to submit suspicious transaction reports where there were reasonable grounds to suspect transactions were connected to a money laundering or terrorist financing offence. The corporation has paid the penalty in full and the case is closed. The action comes amid heightened Canadian AML enforcement: FINTRAC issued a record 35 notices of violation in 2025–26, with penalties totalling more than C$247 million.

FINTRAC imposed a C$399,712.50 penalty on the New Brunswick Lotteries and Gaming Corporation for failing to submit suspicious transaction reports where there were reasonable grounds to suspect ML/TF

September 3, 2026
The penalty was paid in full and the case is now closed. FINTRAC stressed that STRs are critical to generating financial intelligence for law enforcement and national security investigations. More broadly, 2025–26 was a record enforcement year for FINTRAC, with 35 Notices of Violation totalling more than C$247 million, while its financial intelligence generated 7,214 disclosure packages and identified 10,650 subjects of interest…

FinCEN proposes cutting Banque Misr UAE off from U.S. correspondent banking, after the bank allegedly processed $1.8B for 103 companies potentially linked to Iranian shadow-banking networks

August 28, 2026

FinCEN has proposed designating Banque Misr UAE as a primary money laundering concern and prohibiting US financial institutions from opening or maintaining correspondent accounts for the bank. Treasury estimates that it processed around $1.8bn for 103 companies potentially linked to Iranian shadow-banking networks between January 2024 and June 2026, including apparent front companies used by Iran’s Ministry of Defense and the IRGC…

U.S. DoJ charges an alleged money mule in a $7.5M fraud scheme targeting nine elderly victims for gold and cash

August 21, 2026

Jay Sunilbharthi Goswami was arrested and charged with wire fraud and money-laundering offences over an alleged internet and telephone scam in which victims were falsely told that their bank accounts, funds or personal information had been compromised. The investigation involved IRS Criminal Investigation, Homeland Security Investigations and other US agencies, with DOJ’s Office of International Affairs assisting following Goswami’s detention…

U.S. DOJ secures guilty plea in multimillion-dollar fraud schemes, including a $4.5M mortgage scam, $10M+ in loan fraud and $1.8M in COVID-19 relief loans

August 20, 2026

New Jersey real-estate investor Arthur Spitzer pleaded guilty to bank and wire fraud conspiracy and money laundering after admitting participation in a multimillion-dollar mortgage-fraud scheme as well as fraudulently obtaining more than $1.8 million through the federal Economic Injury Disaster Loan programme. Two co-defendants have previously pleaded guilty in connection with the schemes…

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