Mauritius Compliance news
Trois Mauriciens inscrits sur la liste nationale des sanctions de l’ONU
Le National Sanctions Secretariat a officiellement annoncé l’inscription de trois citoyens mauriciens sur la liste des parties désignées en vertu de la section 9(2) de l’United Nations Sanctions Act 2019 (Financial prohibitions, Arms embargo and Travel ban).
Cette décision, rendue publique par un avis daté du 6 juin, implique des restrictions sévères, notamment des gels d’avoirs, des interdictions de voyage et un embargo sur les armes.
Source: Lutte contre le terrorisme : Trois Mauriciens inscrits sur la liste nationale des sanctions de l’ONU
UAE Compliance news
CBUAE Imposes a Financial Sanction on an Exchange House
Abu Dhabi (02 June 2025): The Central Bank of the UAE (CBUAE) imposed a financial sanction on an exchange house, 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.
The financial sanction of 3,500,000 has been imposed after assessing the findings of an examination conducted by the CBUAE, which revealed that the exchange house failed to comply with AML/CFT policies and procedures.
CBUAE Imposes a financial sanction of 100 million on an Exchange House
Abu Dhabi (29 May 2025): The Central Bank of the UAE (CBUAE) imposed a financial sanction of amount 100 million on an exchange house, pursuant to Article (137) of the Decretal Federal Law No. (14) of 2018 Regarding the Central Bank and Organization of Financial Institutions and Activities, and amendments thereto.
The financial sanction is based on the results of the findings of examinations conducted by the CBUAE, which revealed significant failures in the Exchange House’s Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organizations framework, and related regulations.
UAE: Diamond Standard gets Shariah nod for diamond use in Islamic finance
Dubai: Diamond Standard Co., the US-based producer of the world’s only regulator-approved diamond commodities, has received a Fatwa endorsing its diamond products for use in Islamic finance.
The religious ruling was issued by Sheikh Dr. Mohamed Ali Elgari, a leading voice in Islamic banking and finance, who has previously served on the Shariah boards of top institutions such as Abu Dhabi Islamic Bank, Dubai Islamic Bank, HSBC, and Standard Chartered. His approval makes Diamond Standard’s coin and bar commodities suitable for asset-backed Islamic finance transactions such as Murabaha.
Dubai’s first tokenised property fully funded within a day
Dubai’s first tokenised property has been fully funded within a day, reflecting exceptionally strong demand from small investors. The property attracted 224 investors from over 40 nationalities, with an average investment amount of Dh10,714.
On May 25, the Dubai Land Department (DLD) launched the region’s first tokenised real estate investment project through the ‘Prypco Mint’ platform in collaboration with the Virtual Assets Regulatory Authority (Vara), the Central Bank of the UAE, the Dubai Future Foundation (DFF) through the Real Estate Sandbox.
CBUAE imposes financial sanctions of 12.3 million on six Exchange Houses
Abu Dhabi (10 June 2025): The Central Bank of the UAE (CBUAE) imposed varying financial sanctions on six exchange houses in the UAE, amounting to 12,300,000, 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.
The financial sanctions were imposed based on the findings of examinations conducted by the CBUAE, which revealed the violations and failures of the six exchange houses to comply with the AML/CFT framework, and related regulations.
EU to Remove UAE from Money Laundering Watchlist
The European Union (EU) is set to remove the UAE from its list of high-risk countries for money laundering, a move the Gulf nation has long been advocating for.
According to Bloomberg, the European Commission, the EU’s executive branch, has removed the UAE from its list of “high-risk third countries with strategic deficiencies in their anti-money laundering and counter-terrorist financing regimes.”
However, the decision must still be approved by both the EU member states and the European Parliament, which previously blocked a similar proposal in 2023.
Maria Luis Albuquerque, the EU’s Commissioner for Financial Services, stated that the update “reiterates our strong commitment to aligning with international standards,” particularly those established by the Financial Action Task Force (FATF), which removed the UAE from its own ‘grey list’ for increased monitoring last year.
Source: https://fintechnews.ae/26519/fintechdubai/eu-uae-money-laundering-watchlist-removal/
OpEd: AML delisting by EU is expected to accelerate real estate investment in UAE
As compliance hurdles fall, the UAE’s real estate sector is poised to benefit from increased cross-border investment and broader global participation, according to Pantheon Development’s Kalpesh Kinariwala.
On June 10, 2025, the European Commission officially removed the United Arab Emirates from its list of high-risk third countries for money laundering and terrorism financing. Known widely as the “AML blacklist,” this designation had long cast a shadow over cross-border transactions and capital flow – particularly affecting sectors like real estate that rely heavily on international investor confidence.
The decision follows the UAE’s earlier delisting from the Financial Action Task Force (FATF) grey list in February 2024. That the EU took more than a year to align with FATF raises questions about the consistency and intent behind such classifications.
But for the UAE, and especially its real estate sector, this long-overdue course correction marks a significant milestone – one that promises to unlock capital, restore trust, and accelerate global investor engagement.
CBUAE fines UAE-based exchange house Dh2 million for violating AML rules
Dubai: The Central Bank of the UAE (CBUAE) has imposed a financial sanction of Dh2 million on a UAE-based exchange house.
The penalty was issued following an examination by the central bank that revealed the exchange house failed to comply with anti-money laundering and countering the financing of terrorism (AML/CFT) procedures.
UAE hits harder against money laundering with Dh339m in recent fines
Dubai: The UAE is ramping up efforts to combat money laundering and terrorism financing with a string of high-value penalties issued in recent months — totaling over Dh339 million — against both local exchange houses, foreign bank branches, and insurance companies operating in the country.
In the latest action, the Central Bank of the UAE (CBUAE) on Tuesday imposed Dh12.3 million in fines on six exchange houses for breaching anti-money laundering (AML) regulations. The fines followed inspections that uncovered multiple violations, including failures to follow the country’s AML and counter-terrorism financing (CFT) framework.
CBUAE Revokes the Licence of “Sundus Exchange” and Imposes a Financial Sanction of 10 Million
Abu Dhabi (17 June 2025): The Central Bank of the UAE (CBUAE) has revoked the licence of “Sundus Exchange” operating in the UAE, struck its name off the licences register and imposed a financial sanction of 10 million, 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 Suspends the Onboarding of New Customers in the Islamic Window of a Bank for Six Months and Imposes a Financial Sanction
Abu Dhabi (25 June 2025): The Central Bank of the UAE (CBUAE) has suspended the onboarding of new customers on the Islamic Window of a bank operating in the UAE, for six months and imposed a financial sanction of 3,502,214, 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.
Global Compliance news
Malaysia fines two banks for non-compliance with AML/ CFT requirements
The Bank Negara Malaysia (BNM) is fining Bank Pembangunan Malaysia Berhad (BPMB), and HSBC Malaysia for non-compliance with requirements on anti-money laundering (AML) and countering financing of terrorism (CFT), amongst others.
BNM imposed a total administrative monetary penalty of $116,000 (MYR 493,500) on BPMB for non-compliances in relation to customer due diligence (CDD) and sanctions screening requirements.
Flutter-owned gambling firm PokerStars fined for ‘serious’ AML failings
SWEDEN’S gambling regulator has fined Flutter Entertainment’s PokerStars operator, TSG Interactive PLC, SEK 7 million ($734,000) for anti-money laundering (AML) failures.
The Swedish Gambling Authority (SGA) said TSG failed to collect adequate information on the source of funds for 10 high-risk customers.
Law firm slapped with £80,000 fine for AML breaches
A London law firm has been fined nearly £80,000 by the Solicitors Regulation Authority (SRA) for failures to comply with the anti-money laundering (AML) rules, one of the largest to date.
The regulator has handed out a steady stream of fines over the last couple of years to firms that have not been able to show that they comply with the 2017 Money Laundering Regulations.
Source: https://www.legalfutures.co.uk/latest-news/law-firm-slapped-with-80000-fine-for-aml-breaches
Swedish Gambling Regulator Fines Betsson Nordic Ltd for AML Failings
In connection with supervision, the Swedish Gambling Authority has identified shortcomings in Betsson Nordic Ltd’s work with, among other things, customer due diligence. The company has not collected sufficient information about where the money comes from.
Therefore, they have not been able to understand and assess whether the customers’ activities and transactions were legitimate or whether they entailed a risk of money laundering. Betsson Nordic Ltd is therefore issued a warning and a sanction fee of SEK 6.5 million.
The Compliance Gap in AML AI: Why Audit-Ready Tools Matter
As artificial intelligence reshapes financial compliance practices, regulators across Latin America and globally are increasing their scrutiny of AI-based AML tools. This article explores the growing audit gap, and what institutions can do to close it.
As regulatory pressure mounts across jurisdictions, financial institutions must reconcile innovation with oversight.
Across financial institutions in Latin America and globally, AI-powered transaction monitoring tools are becoming standard. These tools promise efficiency, reduced false positives, and better detection. But they also introduce a critical risk: opacity. Many institutions are deploying systems they can’t fully explain, audit, or align with compliance expectations.
Source: https://www.jdsupra.com/legalnews/the-compliance-gap-in-aml-ai-why-audit-3156452/
The Strong Borders Act – Government of Canada strengthens border security
The Bill will strengthen our laws and keep Canadians safe by ensuring law enforcement has the right tools to keep our borders secure, combat transnational organized crime, stop the flow of illegal fentanyl, and crack down on money laundering.
It will bolster our response to increasingly sophisticated criminal networks, and enhance the integrity and fairness of our immigration system while protecting Canadians’ privacy and Charter rights.
New Zealand secures corporate conviction for AML reporting failures
The New Zealand government had a shuttered foreign exchange company reinstated to the corporate register for the “inherent deterrent factor” of prosecuting it.
Star Entertainment faces financial ruin over potential AU$400M AML fine
AUSTRALIAN casino operator Star Entertainment Group could face a fine of up to AU$400 million ($260 million) over alleged anti-money laundering (AML) breaches.
The case relates to its dealings with high-roller junket operators, according to Australia’s financial crime watchdog AUSTRAC.
Source: https://www.amlintelligence.com/2025/06/news-star-entertainment-faces-au400m-fine-for-aml-breaches/
Ottawa targets high-value cash deals and ramps up AML fines before FATF scrutiny
Canada has introduced legislation that would ban businesses from accepting cash payments of $10,000 or more, unless they are financial institutions, in a move intended to curb money laundering and strengthen anti-financial-crime enforcement.
The Globe and Mail reported that the changes form part of a broader overhaul of Canada’s financial-crime laws and come ahead of a scheduled review by the Financial Action Task Force (FATF) this fall.
The FATF, an intergovernmental body, evaluates countries’ efforts to prevent money laundering and terrorist financing.
Latvian gambling firm Laimz fined 5% of turnover over customer screening issues
LAIMZ, a Latvian gambling company, has been fined 5% of its annual turnover due to an ineffective customer screening system.
The Court of Justice of the European Union found the firm failed to carry out due diligence on a customer considered to be a ‘close associate’ of a politically exposed person (PEP).
FIAU issued €504,730 administrative fines in 2024 during enforcement efforts
The Financial Intelligence Analysis Unit (FIAU) has issued €504,730 in administrative fines in 2024 during its enforcement efforts, the FIAU 2024 Annual Report showed.
Director of the FIAU Alfred Zammit launched the report on Wednesday morning, giving a comprehensive overview of the unit’s operations, achievements, and strategic progress over the past year.
Zammit presented the report in a press conference, which he said aligned closely with the FIAU Strategy 2023 – 2026, and by the end of 2024, the FIAU completed 25% of the strategy objectives, while 58% were in progress.
The Unit observed a continued increase in Suspicious Transaction Reports (STRs), with a 3% increase over 2023, amounting to 9,430 of STRs received by the FIAU in 2024.
Switzerland fines Pictet for money laundering, sentences former employee
ZURICH, June 17 (Reuters) – The Swiss Attorney General’s Office has handed a former wealth manager at Pictet Bank a six-month suspended prison sentence and fined the private bank for money laundering in a Petrobras-related probe, the government said on Tuesday.
Pictet was ordered to pay 2 million Swiss francs ($2.5 million) for failing to take all reasonable and necessary measures to prevent transfers from the account of a Brazilian public official aimed at concealing their criminal origin, the Swiss government said in a statement.
SRA hits another firm with £64,000 fine in AML blitz
Another firm has been hit with a heavy turnover-based fine over AML compliance failings which the Solicitors Regulation Authority found continued for almost six years. The regulator accepted that no harm was caused by the breaches of Kent firm T G Baynes Solicitors, but said that that non-compliance had persisted for longer than was reasonable.
It was deemed appropriate to fine the firm 1.6% of its annual domestic turnover. After a 30% reduction to take account of mitigation, the fine was £63,869. A further costs order was made for £1,350.
Source: https://www.lawgazette.co.uk/news/sra-hits-another-firm-with-64000-fine-in-aml-blitz/5123602.article
OFAC hits GVA Capital with $216M penalty for servicing sanctioned Russian oligarch
A San Francisco venture capital firm will pay a $216 million fine to the U.S. Treasury for violating U.S. sanctions by managing investments for a Russian oligarch.
Global Venture Alliance (GVA) Capital allegedly managed investments for Suleiman Kerimov, a Russian government official, from 2016 to 2023, despite knowing of his status on the blocked persons list of the Treasury’s Office of Foreign Assets Control (OFAC). GVA Capital also failed to comply with a subpoena by not producing the full amount of documentation requested by the agency for 28 months, OFAC said Thursday in a press release.
Kuwaiti companies to face fines for not disclosing ownership
Kuwait is expected to net nearly KD4.1 million ($13.5 million) from financial penalties imposed on 4,000 companies flouting transparency rules related to their ownership.
Société Générale offices raided in money laundering probe
Société Générale offices in France and Luxembourg were raided on Tuesday as part of a sweeping investigation into suspected money laundering, a judicial source confirmed to AFP, following earlier reports by Le Monde.
Four individuals – including senior executives at the bank – were taken into police custody and their homes searched, the source said.
The raids are part of a probe launched in January 2024 by France’s Parquet National Financier (PNF), examining whether Société Générale set up and operated tax-driven structures for major French companies, according to the judicial source.
Financial Intelligence Centre freezes N$96.6m linked to suspected financial crimes
The Financial Intelligence Centre (FIC) has frozen N$96.6 million suspected to be proceeds of unlawful activities during the 2024/25 financial year, according to its latest annual report.
The FIC says its efforts over the past year not only disrupted potential financial crimes but also contributed N$79.95 million towards funds preserved under the authority of the High Court of Namibia.
FATF updates list of jurisdictions with anti-money laundering deficiencies
The Financial Action Task Force has updated its lists of jurisdictions with strategic deficiencies in countering anti-money laundering, the financing of terrorism and the financing of proliferation of weapons of mass destruction, the Financial Crimes Enforcement Network announced yesterday. U.S. financial institutions should consider the FATF’s stance toward these jurisdictions when reviewing their obligations and risk-based policies, procedures and practices, the agency said.
On June 13, FATF added the British Virgin Islands and Bolivia to its list of jurisdictions under increased monitoring and removed Croatia, Mali and Tanzania.
FIU reaffirms commitment to combating financial crimes
THE Financial Intelligence Unit (FIU) has reaffirmed its commitment to protecting the nation’s financial system from the threats of money laundering (ML), terrorist financing (TF) and proliferation financing (PF).
Speaking at the Southern African Association of Accountants (SAAA) 25th Annual Conference on Sunday, Mr Regiment Gwete from the FIU outlined the robust measures being implemented to combat these illicit activities.
Source: https://www.heraldonline.co.zw/fiu-reaffirms-commitment-to-combating-financial-crimes/
FATF urges stronger global action to address Illicit Finance Risks in Virtual Assets
In its sixth targeted update on the global implementation of anti-money laundering and counter-terrorist financing (AML/CFT) measures to virtual assets (VA) and virtual asset service providers (VASPs), published today, the Financial Action Task Force (FATF) highlights where stronger action is needed to safeguard the integrity of the international financial system.
MAS Imposes Composition Penalties against Five Major Payment Institutions
The Monetary Authority of Singapore (MAS) has imposed composition penalties amounting to S$960,000 in total on five Major Payment Institutions (MPIs), which are licensed to provide cross-border money transfer services, for breaches of MAS’ Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) requirements.
The breaches were identified during MAS’ examinations of the MPIs’ compliance with the requirements of MAS Notice PSN01 on the Prevention of Money Laundering and Countering the Financing of Terrorism – Specified Payment Services. The MPIs were found to have inadequate AML/CFT controls in place, resulting in multiple breaches of AML/CFT requirements. The composition penalties, which vary depending on the nature and extent of the breaches, are as follows.