Mauritius Compliance news
Africa: ESAAMLG Secretariat Leads Two-Day Mission in Mauritius
A delegation from the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) Secretariat, led by its Executive Secretary, Ms Fikile P. Zitha, met the Junior Minister of Finance, Mr Dhaneshwar Damry, this afternoon, in Port-Louis.
The purpose of the two-day mission of the ESAAMLG team in Mauritius is to initiate early engagement with high-level stakeholders in the Anti-Money Laundering/ Combating the Financing of Terrorism/ Countering Proliferation Financing (AML/CFT/CPF) framework in preparation for the country’s Third Round Mutual Evaluation. The mission will also raise awareness on the potential International Country Risk Guide prioritisation risk.
Source: Republic of Mauritius – News
UAE Compliance news
CBUAE imposes a financial sanction of 5.9 million on a branch of foreign bank operating in the UAE
The Central Bank of the UAE (CBUAE) imposed a financial sanction of 5,900,000 on foreign bank branch operating in the UAE, pursuant to Article (14) of the Federal Decree Law No. (20) of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations and its amendments.
CBUAE imposes financial sanctions of 4.1 million on three Exchange Houses
Abu Dhabi (7 July 2025): The Central Bank of the UAE (CBUAE) imposed varying financial sanctions amounting to 4,100,000 on three exchange houses, pursuant to Article (14) of the Federal Decree Law No. (20) of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations and its amendments.
UAE welcomes removal from EU list of high-risk third countries for AML/CFT
The UAE has welcomed the removal of the country’s name from the EU list of high-risk third countries for AML/CFT.
“The decision stands as clear, independent recognition of our nation’s unwavering commitment to the highest international standards in combating global financial crime,” Ahmed bin Ali Al Sayegh, Minister of State, said in a statement.
Central Bank fines UAE bank Dh3 million for violating anti-money laundering rules
Abu Dhabi: The Central Bank of the UAE (CBUAE) has imposed a financial penalty of Dh3 million on a UAE-based bank for violating anti-money laundering (AML) regulations, the regulator announced on Thursday.
The sanction was issued concerning Anti-Money Laundering and Combatting the Financing of Terrorism and Illegal Organisations, along with federal law regarding the Central Bank and regulation of financial institutions.
CBUAE Revokes the Licence of Al Khazna Insurance Company P.S.C
Abu Dhabi (11 July 2025): The Central Bank of the UAE (CBUAE) has revoked the licence of Al Khazna Insurance Company P.S.C (Al Khazna), pursuant to the Article 33 of Federal Decree Law No. (48) of 2023 regulating Insurance Activities (the Insurance Law). This is due to Al Khazna’s failure to meet the licencing requirements necessary to conduct insurance business during the period of suspension of its licence.
CBUAE Imposes a Financial Sanction on a Branch of a Foreign Bank
Abu Dhabi (16 July 2025): The Central Bank of the UAE (CBUAE) imposed a financial sanction of 600,000 on a branch of a foreign bank operating in the UAE, pursuant to Article )137) of the Decretal Federal Law No. (14) of 2018 Regarding the Central Bank and Organisation of Financial Institutions and Activities, and its amendments.
UAE fines Dh325,000 on several financial companies for violating tax rules
The UAE has imposed financial penalties totalling Dh325,000 on several licenced financial institutions for failing to comply with international tax transparency regulations, including the Foreign Account Tax Compliance Act (FATCA) and the Common Reporting Standard (CRS).
The regulatory action comes as part of Securities and Commodities Authority’s (SCA) ongoing efforts in 2025 to bolster transparency and support global tax cooperation frameworks.
UAE: Over 1,000 violators caught, fines exceeding Dh42m for AML violations
The Ministry of Economy and Tourism has announced the outcomes of its inspection campaigns carried out during the first half of 2025 to monitor the private sector’s compliance with anti-money laundering (AML) legal requirements. These efforts resulted in the detection of 1,063 violations and the imposition of administrative penalties exceeding Dh42 million.
CBUAE Imposes a Financial Sanction on an Exchange House
Abu Dhabi (21 July 2025): The Central Bank of the UAE (CBUAE) imposed a financial sanction of amount 800,000 on an exchange house operating in the UAE, pursuant to Article (137) of the Decretal Federal Law No. (14) of 2018 regarding the Central Bank and Organisation of Financial Institutions and Activities, and its amendments.
UAE fines firm Dh5 million, refers it for money laundering violations
Dubai: The Securities and Commodities Authority (SCA) has fined a licensed entity Dh5 million and referred it to the Public Prosecution for legal action.
The action follows violations of laws related to anti-money laundering, combating the financing of terrorism and illegal organisations, as well as other regulatory breaches.
UAE, Palestine Sign Agreement to Boost Anti-Money Laundering Efforts, Strengthen Regulatory Systems
The United Arab Emirates and the Palestinian Authority signed on Friday a cooperation agreement aimed at strengthening joint efforts to combat money laundering and enhance economic and regulatory frameworks.
Global Compliance news
Turkey tightens crypto rules in money laundering crackdown
Turkey’s financial regulators have strengthened cryptocurrency rules, bringing in a range of measures to reduce money laundering and sharpen oversight in one of the world’s busiest crypto markets.
Kuwait strengthens anti-money laundering legislation
KUWAIT, July 1 (Reuters) – Kuwait has strengthened its anti-money laundering and counter-terrorism financing law, which will impose tougher penalties for violators, as it seeks to avoid falling foul of a global financial crime watchdog.
The Paris-based Financial Action Task Force (FATF), a global money laundering watchdog, said in October that Kuwait’s legal and supervisory framework had “serious shortcomings delivering effective outcomes”, citing failures in addressing terrorist financing.
CEA fines two agents for lapses in S$3 billion nmoney laundering case compliance
Two real estate agents have been penalised by the Council for Estate Agents (CEA) for failing to conduct customer due diligence (CDD) measures in property transactions connected to the S$3 billion money laundering case.
Announced on 1 July 2025, the enforcement follows investigations into property dealings that took place amid Singapore’s largest anti-money laundering (AML) operation in 2023.
HK regulator imposes $3.4M fine on Freeman Commodities
The Securities and Futures Commission (SFC) of Hong Kong has reprimanded and fined Freeman Commodities Limited, now known as Arta Global Futures Limited, $3.4 million for failures in complying with anti-money laundering and counter-financing of terrorism (AML/CFT) and other regulatory requirements between June 2017 and December 2018.
Source: https://fxnewsgroup.com/forex-news/regulatory/hk-regulator-imposes-3-4m-fine-on-freeman-commodities/
Isle of Man GSC fines operator following AML compliance gaps
The Isle of Man Gambling Supervision Commission (GSC) has imposed a GBP70,000 ($95,500) civil penalty on licensed operator SK IOM Limited following a regulatory inspection and subsequent investigation that revealed multiple breaches of the island’s anti-money laundering and counter-terrorist financing (AML/CFT) code.
The penalty, initially set at GBP100,000 ($136,500), was reduced by 30 percent to reflect SK IOM’s early cooperation, full acceptance of the findings, and proactive remediation efforts.
Isle of Man regulator issues £3.9 million penalty to Celton Manx
The Isle of Man Gambling Supervision Commission has ordered online gambling product provider Celton Manx to pay a discretionary civil penalty of £3.9 million ($5.3 million) after ruling it breached anti-money laundering and counter terrorist financing (CTF) rules.
Source: https://igamingbusiness.com/legal-compliance/legal/isle-of-man-penalty-celton-manx/
Billion-dollar money laundering case: MAS slaps 9 financial institutions with S$27.45 million in penalties
SINGAPORE: The Monetary Authority of Singapore (MAS) has imposed S$27.45 million (US$21.55 million) in penalties on nine financial institutions for breaches related to the 2023 money laundering case involving more than S$3 billion in assets.
FINTRAC imposes an administrative monetary penalty on Canaccord Genuity Corp
FINTRAC announced today that it has imposed an administrative monetary penalty on Canaccord Genuity Corp. Following a compliance examination in 2023, this investment dealer headquartered in Vancouver, British Columbia, considered as a securities dealer, was imposed an administrative monetary penalty of $544,500 on May 14, 2025, for non-compliance with Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and associated Regulations.
Source: FINTRAC imposes an administrative monetary penalty on Canaccord Genuity Corp
Credit union fined by Central Bank of Ireland for anti-money laundering and risk management breaches
On 1 July 2025, the Central Bank of Ireland (Central Bank) fined Swilly Mulroy Credit Union (SMCU) €36,273 for breaching provisions of the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 (2010 Act) and the Credit Union Act 1997 (1997 Act) over a seven and a half year period.
UOB-Kay Hian Fined for AML/CFT Breaches, Strengthens Compliance Measures
UOB-Kay Hian Private Limited has been fined S$2,850,000 by the Monetary Authority of Singapore for breaches of Anti-Money Laundering and Countering the Financing of Terrorism requirements that occurred between 2019 and 2023. The company has since strengthened its policies and controls to prevent future breaches and ensure full regulatory compliance, with the impact of the penalty not expected to materially affect the group’s financial results.
How a $123M crypto scam in Australia laundered millions through a ‘legit’ business
Australian authorities exposed a crypto crime organization that allegedly laundered $123 million. Four suspects are charged in connection with the scheme.
The discovery is the outcome of an 18-month crypto investigation by Australian authorities. Members of the Australian Federal Police, Queensland Police Service and Australian Criminal Intelligence Commission, along with many other agencies, joined forces to investigate suspicious transactions back in December 2023.
Monzo gave account to fake 10 Downing St address
Digital bank Monzo accepted customers claiming to live at 10 Downing Street, Buckingham Palace and even its own premises, an investigation has found.
A lack of address verification meant it failed to spot the “implausible” use of London landmarks on applications to open accounts.
Monzo was fined £21m by the Financial Conduct Authority (FCA) for its failures regarding anti-financial crime measures.
Source: Monzo fined for giving account to fake 10 Downing St address
SBOTOP parent faces £3.9m money laundering penalty in Isle of Man
The Isle of Man Gambling Supervision Commission said a “significant number of material contraventions” of the Isle of Man’s gambling regulations were uncovered after a probe into Celton Manx.
The anti-money laundering (AML) and counter-terrorism financing (CFT) investigation, which began in October 2024, found that Celton Manx did not provide evidence that it carried out an AML and CFT risk assessment.
Wise hit with $4.2 million fine by multiple US states for AML deficiencies
The multi-state settlement involved regulatory agencies from New York, Massachusetts, Texas, California, Minnesota, and Nebraska.
Alongside the $4.2 million penalty, the watchdogs have ordered Wise to conduct a lookback for previously closed accounts, enhance its reporting procedures for suspicious activity, strengthen its due diligence procedures for AML/CFT risk, and improve its systems for data integrity regarding customer accounts.
Mastercard’s Vocalink Fined $16 Million for UK Compliance Failure
The Bank of England has fined Mastercard-owned Vocalink $16.2 million for inadequate risk management.
The penalty, announced Wednesday (July 9), relates to the failure of the company — which provides real-time payments in the U.K. — to comply with governance weaknesses identified by the central bank in 2022.
It is the first time the Bank of England (BoE) has levied financial penalties against a financial market infrastructure company.
“Vocalink fell short of its obligation to have adequate risk management and governance arrangements when responding to the bank’s direction,” Sarah Breeden, the BoE’s deputy governor for financial stability, said in a news release. “Its failure to comply with that direction in full has resulted in a significant fine.”
UK fines Barclays $56 million for lapses in financial crime control
Britain’s financial regulator fined Barclays (BARC.L), opens new tab 42 million pounds ($56 million) on Wednesday for failing to evaluate money laundering risks while providing services to its clients Stunt & Co and WealthTek.
The biggest portion of the fine is related to its banking relationship with gold bullion business Stunt & Co, a customer of Fowler Oldfield, which was linked to a major money laundering operation.
Source: UK fines Barclays $56 million for lapses in financial crime control | Reuters
Top Andorran Bankers Jailed over €70M Laundering Plot
Andorran court imposes prison terms and fines on BPA execs who laundered millions for a Chinese businessman tied to organized crime.
Andorra’s top court on Tuesday sentenced 18 executives of Banca Privada d’Andorra (BPA) to prison terms ranging from three and a half to seven years for laundering money in favor of a single client. The ruling also bars them from working in the banking sector and, in some cases, includes expulsion from the country.
Source: Top Andorran Bankers Jailed over €70M Laundering Plot | OCCRP
Treasury Announces Postponement and Reopening of Investment Adviser Rule
WASHINGTON––In order to ensure efficient regulation that appropriately balances costs and benefits, the US Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) today is announcing its intention to postpone the effective date of the final rule establishing Anti-Money Laundering/Countering the Financing of Terrorism Program and Suspicious Activity Report Filing Requirements for Registered Investment Advisers and Exempt Reporting Advisers (IA AML Rule) and to revisit the scope of the IA AML Rule at a future date. FinCEN anticipates delaying the effective date of the IA AML Rule from January 1, 2026, until January 1, 2028.
Monetary Authority takes disciplinary actions against three banks for contraventions of Anti-Money Laundering and Counter-Terrorist Financing Ordinance
The Hong Kong Monetary Authority (HKMA) announced today (22 July) that it had completed investigations and disciplinary proceedings under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Chapter 615 of the Laws of Hong Kong) (AMLO) in relation to three banks: Indian Overseas Bank, Hong Kong Branch (IOBHK), Bank of Communications (Hong Kong) Limited (BCOM(HK)) and Bank of Communications Co., Ltd., Hong Kong Branch (BCOM Hong Kong Branch).
Source: https://www.hkma.gov.hk/eng/news-and-media/press-releases/2025/07/20250722-4/
NCAA threatens to sanction foreign airlines over failure to declare currencies above $10,000
The Nigeria Civil Aviation Authority (NCAA) has threatened to sanction all international airlines operating inbound flights to Nigeria over failure to comply with the currency declaration requirements for inbound passengers.
The NCAA while directing all international airlines operating inbound flights to Nigeria to strictly comply with the directive, explained that it was in line with Nigeria’s ongoing efforts to strengthen its Anti-Money Laundering and Counter-Financing of Terrorism (AML/CFT) framework, in accordance with international standards and obligations.
Switzerland’s AML reform drives compliance overhaul
Switzerland’s financial sector is undergoing a sweeping transformation in its fight against financial crime, prompted by new regulations set to take effect in 2025.
According to Moody’s, this regulatory overhaul requires financial institutions to modernise their data systems and enhance their control frameworks to align with the updated Anti-Money Laundering Act (AMLA) and the new Federal Act on transparency and tax information exchange.
Source: https://fintech.global/2025/07/21/switzerlands-aml-reform-drives-compliance-overhaul/
AfDB, ESAAMLG launch 13bn/- anti-money laundering project
DAR ES SALAAM: THE African Development Bank (AfDB) and the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) have signed a 5.2 million US dollars (about 13.3bn/-) three-year regional project to strengthen capacity in combating money laundering and terrorist financing.
The initiative, known as the Regional Capacity Development Project on Anti-Money Laundering and Countering the Financing of Terrorism (ESCAD-AML), will benefit five ESAAMLG member states including Burundi, Eritrea, Mozambique, South Sudan and Madagascar.
Source: https://dailynews.co.tz/afdb-esaamlg-launch-13bn-anti-money-laundering-project/
Dutch Louis Vuitton stores named in money laundering probe
The Dutch public prosecution service has named fashion brand Louis Vuitton as a suspect in a money laundering investigation involving around €3 million in suspicious cash purchases, AD reported on Friday.
Source: Dutch Louis Vuitton stores named in money laundering probe – DutchNews.nl
HSBC Suisse investigated by Swiss and French courts
According to the British banking group, the authorities in both countries are conducting criminal investigations against it.
The probes relate to two “historic” banking relationships, according to HSBC’s half-yearly report. The investigations against the Swiss subsidiary are currently at an early stage.
In June 2024, the Swiss Financial Market Supervisory Authority (Finma) ordered measures against HSBC Private Bank (Switzerland) for violating money laundering rules. It prohibited the bank from establishing new business relationships with politically exposed persons until further notice, and asked it to verify its current business relationships.
Source: HSBC Suisse investigated by Swiss and French courts – SWI swissinfo.ch
Spuerkeess fined €5 million for Caritas failings
Spuerkeess has been fined almost €5 million by the Commission de Surveillance du Secteur Financier (CSSF) for shortcomings in its anti-money laundering and counter-terrorist financing controls related to an unnamed “charitable foundation”, the regulator said on Wednesday.
Source: Spuerkeess fined €5 million for Caritas failings | Luxembourg Times