Mauritius Compliance news
FSC Mauritius issues Disclosure and Reporting Guidelines for ESG Funds
The Financial Services Commission of Mauritius has issued new guidelines for ESG funds, effective March 10, 2025. These guidelines aim to enhance transparency and accountability for investment schemes that incorporate Environmental, Social and Governance (ESG) factors. They require detailed disclosures in offering documents, including investment objectives, strategies and asset allocations focused on ESG criteria. The guidelines also mandate regular reporting on ESG performance and compliance with recognised standards such as the United Nations Sustainable Development Goals (UN SDGs). This initiative underscores Mauritius’ commitment to promoting sustainable and responsible investment practices.
Source: https://www.fscmauritius.org/media/198694/disclosure-and-reporting-guidelines-for-esg-funds.pdf
UAE Compliance news
CBUAE adheres to FX Global Code
ABU DHABI, 5th March, 2025 (WAM) — The Central Bank of the UAE (CBUAE) has signed a Statement of Commitment to the FX Global Code, to be the first central bank in the Arab world to adopt this Code, joining a group of central banks and financial institutions worldwide in promoting integrity and best practices in the foreign exchange market.
The CBUAE’s signing of the Statement of Commitment demonstrates its dedication to upholding the principles outlined in the FX Global Code.
The Code, which defines a common set of guidelines of sound practice in the wholesale foreign exchange market, aims to enhance integrity, transparency and fairness, and disseminates appropriate ethical and professional standards among market participants, which contributes to the overall stability and safety of the global financial system.
Source: https://www.wam.ae/article/15g8w8x-cbuae-adheres-global-code
Dubai mulls major regulatory revamp to attract hedge funds
Dubai is considering sweeping regulatory changes aimed at strengthening its position as a global hub for hedge funds, with the emirate’s financial watchdog reviewing key policies to reduce barriers for money managers, according to a report by Bloomberg.
The Dubai Financial Services Authority (DFSA) is undertaking a comprehensive review of existing regulations to streamline requirements and eliminate unnecessary regulatory burdens, a spokesperson for the agency confirmed.
Source: https://www.hedgeweek.com/dubai-mulls-major-regulatory-revamp-to-attract-hedge-funds/
UAE: Gang of 80 sentenced to jail, fined Dh1 million for extortion, money laundering
The gang, which they named the “Bahloul Gang,” was formed, managed, and joined for the purpose of engaging in illegal activities, accumulating illicit wealth, and distributing the proceeds among its members. They exerted control and influence in the areas they operate, using social media to promote their criminal activities.
The gang used prohibited weapons to instill fear and intimidate victims, forcing them to pay extortion money. Additionally, they concealed and laundered the illicit proceeds from these crimes through money laundering offences.
In a related development, the Securities and Commodities Authority (SCA) has also been actively pursuing actions against entities involved in illegal financial activities.
Since beginning of January this year, the fines imposed on companies and investors violating regulations and laws amounted to approximately Dh650,000.
Source: https://www.khaleejtimes.com/uae/crime/uae-jail-sentence-dh1-million-fine-for-gang
CBUAE Unveils New Symbol for the UAE Dirham and Advances Digital Currency Initiative
The Central Bank of the UAE (CBUAE) has unveiled a new symbol for the UAE’s national currency, the Dirham, in a move that reflects the vision of the country’s wise leadership and the directives of His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister, Chairman of the Presidential Court, and Chairman of the CBUAE Board. This initiative reinforces the UAE’s position as a leading global financial hub.
In parallel, the CBUAE announced key developments in the issuance and circulation of the Digital Dirham, a central component of the Financial Infrastructure Transformation (FIT) Programme launched in 2023. The Digital Dirham aims to position the UAE at the forefront of Financial Market Infrastructure (FMI) innovation and excellence in digital financial products.
Global Compliance news
Switzerland fines former Credit Suisse executive over Mozambique case
ZURICH, March 19 (Reuters) – Switzerland’s finance ministry has fined Lara Warner, former compliance chief of collapsed lender Credit Suisse, 100,000 Swiss francs ($114,000), according to a Swiss government order seen by Reuters on Wednesday.
The bank executive failed to notify Switzerland’s anti-money laundering authorities of a suspicious 2016 transaction for 7.9 million francs handled by Credit Suisse and involving the finance ministry of Mozambique.
Tipping off reforms
From 31 March 2025, it will be a criminal offence to disclose certain types of information to another person, where it would or could reasonably be expected to prejudice an investigation. This is known as ‘tipping off’.
Tipping off can lead to criminals changing or hiding their illegal activities, and can prejudice investigations. For example, it could prejudice an investigation if information:
- gets back to a person who may be involved in criminal activity
- gets back to someone they are associated with, or
- is publicly released.
This guidance helps you understand the new tipping off offence in section 123 of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act). It provides examples of controls you can put in place to reduce the risk of tipping off.
Source: https://www.austrac.gov.au/about-us/amlctf-reform/tipping-reforms
Aspire Global fined £1.4M for AML and social failures
The UK Gambling Commission (UKGC) has ordered AG Communications Ltd – trading as Aspire Global – to pay £1.4m towards social responsibility causes.
Target of a UKGC investigation, the operator was found to be in breach of Social Responsibility (SR) and Anti-Money Laundering (AML) procedures.
This is the second time that Aspire Global has faced financial reprimanding by the UKGC over AML concerns, having previously paid £237,600 in 2022.
Some of the newly-constituted SR breaches included a lack of proactiveness from the operator to effectively intervene in cases where a significant spend in a relatively short period of time was identified – essentially limiting the prevention of potential problem gambling behaviour.
Source: https://sbcnews.co.uk/europe/uk/2025/03/04/ukgc-aspire-global-social/
FIU-IND Imposes ₹5.45 Crore Penalty On Payments Bank For Money Laundering Lapses
The Financial Intelligence Unit of India (FIU-IND) has imposed a penalty of ₹5.45 crore on Paytm Payments Bank Ltd (PPBL) for failing to report suspicious transactions linked to money laundering.
The penalty follows an investigation into Paytm Payments Bank’s alleged failure to detect and report suspicious transactions, violating provisions of the Prevention of Money Laundering Act (PMLA).
FIU-IND’s scrutiny began after law enforcement agencies raised concerns about certain entities using PPBL accounts for illicit activities, including organizing and facilitating online gambling.
“The money generated from these illegal operations, i.e., proceeds of crime, was routed and channeled through bank accounts maintained by these entities with Paytm Payments Bank Ltd,” FIU-IND said in a statement.
Morocco’s central bank publishes a practical guide on combating money laundering, terrorism financing
Morocco’s central bank, Bank Al-Maghrib (BAM), has published this week the first version of its practical guide on the fight against money laundering and the financing of terrorism (AML-CFT).
This guide, which is part of efforts to raise public awareness about the risks of money laundering and terrorism financing, explains what money laundering and terrorism financing are, and presents the international standards in this area, as well as the system put in place in Morocco to comply with them.
The new guide was elaborated in collaboration with the National Financial Intelligence Authority (ANRF), the National Commission for the Enforcement of Sanctions under the United Nations Security Council Resolutions, the Moroccan Capital Market Authority (AMMC), and the Insurance and Social Welfare Control Authority (ACAPS).
The Economic Crime and Corporate Transparency Act 2023 (Commencement No. 4) Regulations 2025
The Secretary of State makes these Regulations in exercise of the powers conferred by section 219(1) and (9)(a) of the Economic Crime and Corporate Transparency Act 2023(1) and section 104(1)(a) of the Deregulation Act 2015(2).
In accordance with section 219(8) of the Economic Crime and Corporate Transparency Act 2023, the Secretary of State has published guidance under section 204(3) of that Act.
Citation, extent and interpretation
1.—(1) These Regulations may be cited as the Economic Crime and Corporate Transparency Act 2023 (Commencement No. 4) Regulations 2025.
(2) These Regulations extend to England and Wales, Scotland and Northern Ireland.
(3) In these Regulations, “the Act” means the Economic Crime and Corporate Transparency Act 2023.
CSSF issues €27,000 administrative fine on Intercorp for AML compliance failure
The fine imposed on International Corporate Activities S.A. (Intercorp) follows an on-site inspection by the financial watchdog between June and November 2023, which uncovered serious shortcomings in customer due diligence procedures and reporting of suspicious transactions. The firm, a specialised PFS (Professionnel du Secteur Financier), provides domiciliation and company management services.
The CSSF identified multiple deficiencies in verifying the origin of client funds and the financial background of beneficial owners. In one case, the firm failed to clarify inconsistencies in a client’s declared assets despite clear discrepancies. In another, Intercorp allowed a high-risk business transaction to proceed without sufficient documentation on the source of funds, even though the new beneficial owner had links to offshore companies and high-risk jurisdictions.
The Economic Crime and Corporate Transparency Act 2023 (Commencement No 4) Regulations 2025
On 13 March 2024, there was published on legislation.gov.uk, The Economic Crime and Corporate Transparency Act 2023 (Commencement No 4) Regulations 2025.
These Regulations are the fourth commencement regulations made under the Economic Crime and Corporate Transparency Act 2023 (the Act).
Regulation 2 commences certain provisions in Parts 1 and 2 of the Act.
Regulation 3 brings measures creating a new offence of failing to prevent fraud fully into force in all of the United Kingdom.
Regulation 4 amends the third set of commencement regulations which failed to comply with the requirement that guidance must be published before regulations bringing section 199 of the Act into force are made.
Law firm Simpson Thacher agrees to UK fine over money laundering rule breaches
March 12 (Reuters) – U.S. law firm Simpson Thacher & Bartlett was fined 300,000 pounds ($389,069) on Wednesday over breaches of anti-money laundering rules at its London office.
The firm agreed to a settlement with the Solicitors Regulation Authority (SRA), which regulates solicitors in England and Wales, under which Simpson Thacher will also pay 62,000 pounds towards the SRA’s legal costs.
Simpson Thacher admitted failing to have a firm-wide risk assessment between June 2017 and March 2020, as required by British money laundering regulations.
It also accepted not having a fully compliant firm-wide risk assessment from March 2020 until February 2023, after the SRA announced it was bringing a regulatory case in August.
The SRA did not allege Simpson Thacher’s admitted breaches led to any money laundering, but the regulator said in court filings, opens new tab that they created “an increased risk of money laundering”.
Standard Chartered hit with $4.8m fine for AML and CFT breaches
In terms of precise figures, a SGD 5.2 million ($3.9 million) fine was given to Standard Chartered, Singapore Branch (SCBS); while a SGD 1.2 million ($911,000) fine went to Standard Chartered Trust (Singapore) Limited (SCTS).
These breaches occurred when trust accounts of SCBS’ customers were transferred from Standard Chartered Trust (Guernsey) to SCTS from December 2015 to January 2016.
MAS found SCBS’ and SCTS’ risk management and controls in relation to the transfers to be “unsatisfactory”.
MAS’ deputy managing director Ong Chong Tee says: “MAS requires financial institutions to adequately assess money laundering risks when deciding whether to accept customers. They should also have in place good systems and processes to monitor customer transactions. We expect financial institutions to remain vigilant by instilling a strong risk culture.”
Deutsche Bank fined $24.3 million by German regulator for compliance failures.
Germany’s financial regulator, BaFin, has fined Deutsche Bank €243 million for compliance failures.
The penalties stem from breaches related to the sale of derivatives in Spain and other issues within its Postbank division.
The German regulator faulted Deutsche Bank for delaying its investigation into the violations and for being slow to address the identified deficiencies.
Source: Deutsche Bank handed $24.3 million fine by German regulator | Reuters
Budget 2025: More legislation ahead to help SA exit grey list
To exit the grey list in October, National Treasury says South Africa “is working” to address two outstanding action items by June.
The country’s progress regarding the Financial Action Task Force (FATF) action items was recently assessed at the February 2025 plenary.
“The plenary confirmed that two action items remain,” Treasury notes in its 2025 Budget Review.
“These relate to demonstrating a sustained increase in the investigation and prosecution of complex money laundering and terror financing.”
South Africa is deemed to “partially comply” with the two outstanding recommendations, which relate to non-profit organisations and cash couriers.