Mauritius Compliance News
IMF Executive Board Concludes 2024 Article IV Consultation with Mauritius
On May 15, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation with Mauritius. The economy has rebounded strongly from the pandemic on the back of buoyant tourism, social housing construction, and financial services. Supportive policies also facilitated the strong recovery, including fiscal measures. Real GDP growth reached 8.9 percent in 2022 and an estimated 7 percent in 2023—such that output has now exceeded its pre-pandemic level.
UAE Compliance News
Dubai FinTech Summit concludes with over 8,000 visitors from 118 countries
The 3rd edition of the Dubai FinTech Summit to be held 7-8 May 2025, under the directives of His Highness Sheikh Maktoum. The 2nd edition of Dubai FinTech Summit attracted over 8,000 visitors from 118 countries around the world. Over 50 Memorandum of Understandings (MoUs) were signed during the summit with global financial leaders. More than 20 Top investment management firms with investments in 12,000 companies participated in the Summit.
ADGM’s Financial Regulator fines Sarwa Digital Wealth (Capital) Limited USD 122,500 for making an Offer of Securities in ADGM without Approved Prospectus
The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) has imposed a financial penalty of USD 122,500 (AED 449,881) on Sarwa Digital Wealth (Capital) Limited (Sarwa), an FSRA licensed firm in ADGM. The FSRA found that Sarwa contravened FSRA administered regulations by making an Offer of Securities in ADGM without an Approved Prospectus. The FSRA has also imposed a Requirement on Sarwa to undertake an independent review of its governance arrangements.
ADGM Publishes a Discussion Paper on Enhancements to its Sustainable Finance Regulatory Framework
Abu Dhabi Global Market (ADGM), the International Financial Centre of the UAE’s capital, has today published a Discussion Paper to seek views on its proposals for the continued development of its regulatory framework for sustainable finance. ADGM seeks input on its proposed guidance outlining the FSRA’s expectations for ESG-labelled investment vehicles and appropriate next steps in development of regulatory expectations pertaining to climate-related risk management and transition planning.
Global Compliance News
SkyCity agrees to $2.54M penalty in New Zealand for AML/CFT breaches
New Zealand and Australian gaming operator SkyCity Entertainment Group has announced that it has reached an agreement with NZ authorities over AML/CFT breaches and has agreed to pay a civil penalty of NZ$4.16 million ($2.54 million).
The agreement is still subject to approval by the High Court of New Zealand, with the company noting that it would be seeking a hearing ‘at the earliest opportunity’.
Turkish government submits draft bill for cryptocurrency
On May 16, Turkey’s ruling party submitted a draft cryptocurrency bill to parliament. The draft law focuses on licensing and registration for crypto service providers, in accordance with international standards. According to a Reuters report, the bill aims to update existing legislation to fully regulate the cryptocurrency market. Key areas of focus are consumer protection, platform transparency and financial regulatory compliance.
Link: https://newslite.tv/turkish-government-submits-draft-bill-for-cryptocurrency/
SEC, FinCEN Propose Customer Identification Program Requirements for Registered Investment Advisers and Exempt Reporting Advisers
The Securities and Exchange Commission and the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) jointly proposed a new rule that would require SEC-registered investment advisers (RIAs) and exempt reporting advisers (ERAs) to establish, document, and maintain written customer identification programs (CIPs). The proposal is designed to prevent illicit finance activity involving the customers of investment advisers by strengthening the anti-money laundering and countering the financing of terrorism (AML/CFT) framework for the investment adviser sector.
Link: https://www.sec.gov/news/press-release/2024-54
AML/CFT Supervisors Unveil New Supervisory Approach Regulations
The Department of Internal Affairs, the Financial Markets Authority and the Reserve Bank of New Zealand (‘the Supervisors’) welcome the changes to AML/CFT requirements as a result of the various Amendment Regulations coming into force on 1 June 2024. These changes will ensure New Zealand is meeting global AML/CFT standards. The Amendment Regulations introduce new requirements to the existing regulations relating to the cross-border transportation of cash, definitions, exemptions, requirements and compliance and prescribed transaction reporting.
Link: https://www.miragenews.com/amlcft-supervisors-unveil-new-supervisory-1237220/
Swiss-Asia Financial Services fined S$2.5 million for breaches of anti-money laundering rules
WEALTH and fund management company Swiss-Asia Financial Services (SAFS) was issued a composition penalty of S$2.5 million for breaching the Monetary Authority of Singapore’s (MAS) anti-money laundering and countering the financing of terrorism (AML/CFT) requirements. On Tuesday (May 7), MAS said it also reprimanded SAFS’ chief executive officer Olivier Pascal Mivelaz and chief operating officer Steve Knabl for failing to ensure that the company complied with these requirements.
South Africa Compliance News
COLLABORATION BETWEEN DOMESTIC AND FOREIGN AGENCIES STYMIES CROSS-BORDER FINANCIAL CRIME
Successful collaboration between crime fighting role players across the border and domestically led to the recent arrest of suspects and the forfeiture of criminal assets to the value at more than R12 million. An alert was raised after a Zimbabwean company that was purchasing agricultural products from a South African company realised it had been deceived by criminals. In the correspondences between the two companies, the criminals intercepted emails of the purchasing company and inserted their bank account details, subsequently diverting funds for the ensuing financial transactions. As a result of this business e-mail compromise, the Zimbabwean company paid more than R26 million into the account of the criminals. The Zimbabwean company reported the matter to law enforcement in Zimbabwe.
Link: https://www.fic.gov.za/wp-content/uploads/2024/05/2023.5-MR-Collaboration-in-fighting-crime.pdf