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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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OFSI fines Deutsche Bank’s London branch £165,000 for processing £635,618.75 to an entity linked to a UK-sanctioned individual due to inadequate ownership and control checks

May 22, 2026
The case highlights weaknesses in sanctions screening and due diligence controls, where the bank did not properly detect that the counterparty was effectively controlled by a sanctioned individual, leading to prohibited funds being made available. The penalty was reduced by 45% because of the bank’s voluntary disclosure and cooperation, reflecting OFSI’s enforcement approach of encouraging…

US DOJ charges two Chinese nationals for allegedly running a global ML network for the Sinaloa Cartel and CJNG using mirror transfers, encrypted communications, and trade-based schemes

May 22, 2026

According to the indictment, the network allegedly laundered proceeds linked to fentanyl and cocaine trafficking on behalf of the Sinaloa Cartel and Cartel de Jalisco Nueva Generación using shell companies, electronics exports, serial-number verification systems, and coordinated cross-border cash movements. The DOJ also highlights growing concern over…

US DoJ sentences a Georgian citizen to 37 months for laundering $1.1M from a sham Miami healthcare fraud scheme that falsely billed Medicare and insurers $179M

May 22, 2026

According to prosecutors, Nakashidze operated a sham Miami-based medical supply company that billed Medicare and private insurers approximately $179 million for medical products that were never provided, with proceeds transferred to co-conspirators in China and Hong Kong. The court also ordered forfeiture of more than $1.1 million, reinforcing DOJ efforts to disrupt transnational financial networks supporting healthcare fraud and illicit cross-border fund transfers…

MAS revokes Bsquared Technology’s licence, a major payment institution, for serious AML/CFT, risk management, and reporting breaches, banning it from digital payment token services

May 20, 2026
MAS identified serious regulatory breaches including deficiencies in risk management and governance, failures to comply with anti–money laundering and counter-terrorist financing requirements, and the submission of false or misleading information to the regulator. As a result, the company is no longer authorised to operate or provide digital payment token services in Singapore, underscoring MAS’s continued strict enforcement of financial sector integrity and compliance standards…

US DOJ sentences a New York business owner for laundering nearly $1.5M in healthcare fraud proceeds through shell companies and layered transactions to conceal illicit funds

May 18, 2026

According to prosecutors, Xiang operated a network of shell entities and bank accounts used to receive and transfer proceeds linked to fraudulent medical billing schemes involving unnecessary or undelivered healthcare services. The court also ordered forfeiture and restitution measures, with DOJ highlighting the role of corporate opacity and financial layering techniques in facilitating healthcare fraud and cross-border money laundering activity…

OFAC reaches a $275M settlement with Adani Enterprises over 32 Iran sanctions breaches linked to LPG shipments from Iran, involving $192M in U.S. dollar payments despite red flags

May 18, 2026

Between November 2023 and June 2025, AEL purchased discounted LPG through a Dubai-based trader and caused over $192M in USD payments to be processed via the U.S. financial system, despite multiple red flags including suspicious pricing, falsified shipping documents, and vessel irregularities linked to Iran’s shadow oil network. OFAC found the violations egregious and reckless, noting that AEL failed to adequately investigate clear warning signs such as AIS manipulation, inconsistent cargo origin data, and unusually low pricing tied to Iranian supply chains…

US DoJ sentences former NFL player to over 16 years in prison for operating a $197M Medicare fraud, kickback, and ML scheme involving medically unnecessary orthotic braces

May 8, 2026

The scheme used overseas call centres and sham telemedicine companies to obtain patient information and fraudulent doctors’ orders, targeting elderly individuals and veterans, including some suffering from Alzheimer’s and dementia. Prosecutors also secured more than $110 million in restitution and forfeiture of nearly $17 million in assets, reinforcing enforcement efforts to…

FINTRAC penalises VersaBank $42,075 for AML/CFT gaps, including outdated compliance controls and weak high-risk client measures, with the case now closed after payment

May 5, 2026

The regulator identified that the bank had outdated compliance policies and procedures that were not properly maintained or approved, and failed to apply enhanced due diligence and special measures for high-risk clients, both of which are key requirements in a risk-based AML framework. The penalty was issued after a compliance assessment, has been fully paid, and the matter is now officially closed…

FINTRAC fines Birks Group Inc., a precious metals and stones dealer, $51,562.50 for key AML/CFT failings, including weak controls, poor risk assessment, and missed compliance reviews

May 5, 2026

The regulator found that Birks did not maintain properly developed or regularly updated written compliance policies approved by senior management, failed to adequately assess and document money laundering and terrorist financing risks, and did not complete the mandatory independent compliance review every two years. These shortcomings were considered significant because they weaken the effectiveness of a firm’s AML/CFT control framework, particularly in a high-risk sector such as precious metals and jewellery…

US DOJ reveals that a high-ranking Los Zetas cartel member has pleaded guilty to a major drug trafficking conspiracy involving multi-ton shipments of cocaine and marijuana smuggled into the US

April 22, 2026

According to DOJ, Daniel Perez Rojas, a senior figure in the cartel, admitted to conspiring to distribute at least 5 kg of cocaine and 1,000 kg of marijuana for import into the U.S., reflecting the scale of the organisation’s trafficking operations. Prosecutors state that he played a key leadership role marked by violence, corruption and intimidation, including coordinating cartel expansion and violent acts, and now faces a sentence ranging from 10 years to life imprisonment…

FINTRAC imposes an administrative monetary penalty of approx. C$91,000 on the Northern Isga Foundation after a compliance review identified multiple AML/ATF programme deficiencies

April 8, 2026

These included failures to develop and maintain an adequate risk assessment, implement effective written compliance policies and procedures, provide ongoing staff training, and conduct the required effectiveness review of its compliance framework. The case highlights FINTRAC’s continued supervisory focus on ensuring that reporting entities not only establish formal AML controls but also demonstrate that these controls…

US DoJ confirms a Mexican national has pleaded guilty to participating in a sophisticated black-market peso exchange ML scheme that moved millions of dollars in U.S. drug proceeds into Mexico

April 8, 2026

Charges detail how conspirators used U.S. drug cash to purchase goods that were exported and resold, allowing proceeds to be repatriated in pesos without physically transferring funds across the border. It also underscores the role of cross-border cooperation and financial investigations in dismantling laundering networks that support narcotics trafficking and broader criminal activity…

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