Mauritius Compliance news
285 faux employés, huit sociétés fictives : la FCC démantèle un réseau et expose une fraude de Rs 32 M liée à la MRA
La Financial Crimes Commission (FCC) a levé le voile sur une fraude massive portant sur Rs 31,9 millions dans le cadre du programme «Prime à l’emploi». Ce dispositif vise à favoriser l’embauche de jeunes femmes mauriciennes et de personnes en situation de handicap, en accordant une allocation mensuelle de Rs 15 000 aux employeurs.
Un faux employeur, seul directeur et actionnaire de huit sociétés fictives, a soumis des demandes en ligne à la Mauritius Revenue Authority (MRA) entre avril 2023 et février 2024 pour 285 employés fictifs. Les systèmes de la MRA ont validé les demandes, sur la base de fausses déclarations, entraînant le versement des fonds.
Irrégularités présumées à la MTPA : Arvind Bundhun arrêté par la FCC
Arvind Bundhun, ancien directeur de la Mauritius Tourism Promotion Authority (MTPA), a été arrêté par la Financial Crimes Commission (FCC) dans la soirée de ce mardi 13 mai.Il fait face à une accusation provisoire de « Using Office for Gratification ». Il comparaîtra en cour mercredi 14 mai.
Arvind Bundhun est soupçonné d’avoir utilisé une carte de crédit de la MTPA à des fins personnelles. Les dépenses, estimées à environ Rs 4,9 millions, auraient été engagées entre 2018 et 2024, notamment dans des magasins Duty Free à Maurice et à l’étranger.
Source: https://defimedia.info/irregularites-presumees-la-mtpa-arvind-bundhun-arrete-par-la-fcc
UAE Compliance news
Dubai: Indian billionaire, owner of No. 5 car plate, gets 5 years in jail for money laundering
Dubai: Dubai-based Indian businessman Balvinder Singh Sahni, widely known as ‘Abu Sabah’, has been sentenced to five years in jail on charges of money laundering through a criminal organisation.
Dubai’s Fourth Criminal Court ordered the confiscation of Dh150 million from the billionaire and imposed a fine of Dh500,000.
The court also ruled that Sahni – known for scooping car number plate D5 for Dh33 million, which then was the most expensive – be deported following the completion of his jail sentence.
Source: Dubai: Indian billionaire, owner of No. 5 car plate, gets 5 years in jail for money laundering
UAE Engages In MENAFATF Plenary Meeting To Strengthen Regional Financial Crime Efforts
The UAE took part in the 40th Plenary Meeting of the Middle East and North Africa Financial Action Task Force (MENAFATF) held in Amman, Jordan from 4th to 8th May.
Leading the UAE delegation was Hamid Saif AlZaabi, Secretary-General and Vice Chair of the National Anti-Money Laundering and Combatting the Financing of Terrorism and Illegal Organisations Committee (NAMLCFTC), who also serves as Vice President of MENAFATF.
Uncovering of a Cross-Border Money Laundering Operation Worth AED 150 Million
As part of the country’s ongoing efforts to protect both the national and global economy from illicit financial flows, authorities in Dubai uncovered an international #ML operation worth AED 150 million, linked to fraud and drug-related crimes. The funds were transferred from abroad using unofficial channels, including cryptocurrency.
CBUAE imposes sanctions on five insurance brokers over anti-money laundering failures
Dubai: The Central Bank of the UAE (CBUAE) has imposed administrative and financial sanctions on five insurance brokers operating in the country for failing to comply with anti-money laundering (AML) and counter-terrorism financing (CTF) regulations.
The penalties were issued under Article (14) of Federal Decree Law No. (20) of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations.
According to the CBUAE, two insurance brokers were handed financial penalties, while three others received formal warnings following supervisory reviews that found deficiencies in their AML/CTF compliance frameworks and sanctions controls.
Dubai regulator sets compliance deadline for updated crypto rules
Dubai’s VARA has boosted oversight across multiple virtual asset activities, standardising key terms and aligning risk management rules to reduce ambiguity and ease compliance for VASPs.
Dubai’s crypto regulator has given licensed digital asset companies until June 19 to comply with its updated activity-based Rulebooks to enhance market integrity and risk oversight.
Source: https://cointelegraph.com/news/dubai-crypto-regulator-updates-rulebooks-tightens-margin-trading
Anti-Money Laundering Laws and Regulations The UAE’s AML Transformation: A Review 2025
Since 2018, the UAE’s national framework for combatting financial crime has undergone a significant transformation, particularly in the areas of anti-money laundering and counter-
terrorism financing (which will be referred to collectively in this chapter as “AML”).
This transformation has been driven by a range of factors, principally connected with the emergence of the UAE as a leading regional and global financial centre, and in particular a jurisdiction which has embraced the rapid development of new financial products and technologies, such as virtual assets. While this has driven significant economic expansion and bolstered the UAE’s reputation as a world-class business centre, it has also introduced complex regulatory challenges and risks, particularly in ensuring that the UAE’s financial system is adequately safeguarded from increasingly sophisticated illicit activities and actors.
UAE Central Bank imposes Dh200 million fine on exchange house
Abu Dhabi: The Central Bank of the UAE (CBUAE) imposed a financial sanction of Dh200 million on an exchange house.
The exchange house was fined for non-compliance with the provisions of 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.
Ripple Expands UAE Presence With Zand Bank and Mamo After DFSA Approval for Blockchain Payments
Ripple has expanded its presence in the United Arab Emirates by onboarding Zand Bank and Mamo as its first blockchain payments clients in the region. This development follows Ripple securing regulatory approval from the Dubai Financial Services Authority (DFSA). Both Zand Bank and Mamo will utilize Ripple Payments, a blockchain-powered cross-border payment solution designed to reduce costs and provide continuous availability. The UAE is recognized as one of the world’s top remittance hubs, making this expansion a strategic move for Ripple’s growth in the Middle East.
New DFSA Thematic Review: Audit Working Papers Archiving and Retention
The Dubai Financial Services Authority (DFSA) has published a Thematic Review report on Audit Working Papers Archiving and Retention, examining how Registered Auditors performing audits of regulated entities in the Dubai international Financial Centre (DIFC) manage audit documentation, archiving, and retention.
This review is part of the DFSA’s broader strategy to foster a well-regulated, transparent, and trusted financial environment in the DIFC – one that supports informed decision-making and sustainable growth.
UAE Central Bank imposes Dh18m fines on two foreign bank branches
Abu Dhabi: The Central Bank of the UAE (CBUAE) has imposed a total of Dh18.1 million in financial penalties on two UAE branches of foreign banks for violations related to anti-money laundering (AML) and counter-terrorism financing regulations.
The first bank was fined Dh10.6 million, while the second was issued a penalty of Dh7.5 million. The sanctions were issued under the law governing anti-money laundering and combating the financing of terrorism and illegal organisations in the UAE.
According to the CBUAE, the penalties follow examinations that revealed the two branches failed to comply with the UAE’s AML legal framework and related regulatory requirements.
The move follows a week after an exchange house was fined Dh200 million. The investigation found major problems in the exchange house’s anti-money laundering and terrorism financing controls. The branch manager was also fined Dh500,000 and banned from working in any licensed financial institution in the UAE.
ADGM’s Financial Services Regulatory Authority Fines 23 Entities for Breaching Common Reporting Standard Regulations, Foreign Account Tax Compliance Regulations
The Financial Services Regulatory Authority (FSRA) of ADGM imposes penalties totalling AED 610,000 on 23 entities for contraventions of the Common Reporting Standard Regulations 2017 and/or the Foreign Account Tax Compliance Regulations 2022 (together, the Regulations).
The Regulations implement international frameworks that require reporting entities to collect and report information on foreign account holders to help combat international tax evasion. The underpinning inter-governmental arrangements entered into by the UAE enhance global tax transparency by facilitating the automatic exchange of financial account data between jurisdictions.
Global Compliance news
Vixio Finds Over €36m in AML Fines Issued in Europe in the Last Year
Vixio, a leading provider of regulatory intelligence solutions, is proud to announce its Anti-Money Laundering (AML) Outlook, which found that regulators are cracking down on money laundering weaknesses with severe consequences, totaling over €36m in fines from March 2024 to March 2025 in Europe alone.
Vixio’s AML Outlook examines the challenges of complying with AML requirements in jurisdictions around the world, outlines regulators’ efforts to thwart criminal activity, and considers how payments and gambling firms can prevent being caught up in money laundering scandals.
Source: https://ffnews.com/newsarticle/vixio-finds-over-e36m-in-aml-fines-issued-in-europe-in-the-last-year/
FIA Fines Oceano Casino, Citi Trust L$15M for AML/CFT Violations
FIA Imposes a Monetary Fine Against Oceano Casino in the amount of L$10 million Liberian Dollars for failure to meet Critical and Essential AML/CFT Obligations and Egregious Violations to the AML/CFT Act of 2021.
BNM Fines Merchantrade and JAGS Money Over Sanctions Screening Lapses
Bank Negara Malaysia (BNM) has fined Merchantrade Asia and JAGS Money for failing to comply with sanctions screening requirements under the Money Services Business Act 2011 and related anti-money laundering policies.
Merchantrade was penalised RM29,000 on 6 March 2025 for oversight in sanctions screening procedures and delays in updating its sanctions database following the publication of the Domestic List.
Under subsection 74(3) of the Act and the AML/CFT policy document, reporting institutions must screen customers against the Domestic List, issued by the Ministry of Home Affairs, and the United Nations Security Council Resolutions (UNSCR) List.
Source: https://fintechnews.my/50454/regtech-fintech-regulation-malaysia/bnm-fine-merchantrade-jags/
Julius Baer to Pay $5M in Swiss Money Laundering Case
Julius Baer Group Ltd. has been ordered to hand over 4.4 million Swiss francs ($5.2 million) including confiscated profits linked to alleged failures in money laundering controls, in a fresh setback for the bank’s newly installed management team.
The Zurich-based bank had been under investigation over transactions that had occurred between 2009 and 2019 and linked to operations in Monaco and Singapore, according to a person familiar with the matter.
FSCA imposes R3 million administrative sanction on Ninety One Fund Managers SA (RF) (Pty) Ltd
The Financial Sector Conduct Authority (FSCA) has taken administrative action against Ninety One Fund Managers SA (RF) Pty) Ltd (91FM) for failing to comply with certain provisions of the Financial Intelligence Centre Act, No. 38 of 2001 (FIC Act).
The administrative action includes a financial penalty of R3 million, a directive to remediate the identified contraventions and a caution against future breaches. 91FM is a registered manager of collective investment schemes in terms of the Collective Investment Schemes Control Act, No. 45 of 2002 (CISCA) and an accountable institution under the FIC Act.
The FSCA is responsible for supervising and enforcing compliance with the FIC Act by managers of collective investment schemes. The FIC Act aims, among other things, to combat money laundering, the financing of terrorism and other related criminal activities. All accountable institutions designated under the FIC Act must comply fully with its requirements.
Liberia fines casinos for AML violations
FIA levies a monetary fine of L$10 Million Liberian Dollars Against Riverside Casino for significant inadequate AML/CFT Controls and egregious violations of the Anti Money Laundering, Terrorist Financing, Preventive Measures, and Proceeds of Crime Act (AML/CFT Act) of 2021.
Saudi Arabia’s new Ultimate Beneficial Ownership rules: Enhancing transparency and AML enforcement
New Ultimate Beneficial Owners (UBO(s)) rules and guidelines published by the Kingdom of Saudi Arabia’s (KSA) Ministry of Commerce (MoC) took effect on April 3, 2025. The new rules (UBO Rules) require all companies in KSA (unless exempted) to maintain and disclose accurate information about their UBO(s) in a newly created register established by the MoC.
These rules are part of KSA’s commitment to international best practices, including compliance with Financial Action Task Force recommendations, and are designed to combat financial crimes, enhance anti-money laundering enforcement, and improve corporate accountability.
Source: https://www.clydeco.com/en/insights/2025/05/saudi-arabia-new-ubo-rules
SRA fines law firm boss £4m over Kingly Solicitors collapse
THE Solicitors Regulation Authority (SRA) has fined Nurul Miah nearly £4 million ($5.3 million), the largest penalty it has ever imposed, for misusing client money while running Kingly Solicitors.
Miah, who was not a solicitor, owned the now-defunct firm, which expanded rapidly to 16 offices before collapsing in 2020. The SRA intervened after uncovering serious concerns about missing client funds, leaving 180 staff without jobs and creditors owed £17 million.
TGP Europe, sponsor of multiple Premier League clubs, exits UK after £3.3M AML fine
GAMBLING firm TGP Europe, which is linked to several Premier League clubs, has left the UK market after receiving a £3.3 million AML fine.
“The fine was for failing to carry out sufficient checks on business partners and breaching anti-money laundering rules,” the Commission said. TGP Europe, based on the Isle of Man, held the UK licence for several sites which sponsor Premier League football clubs. The company has now left the British market, the regulator said.
The Commission said it contacted five football clubs—AFC Bournemouth, Fulham FC, Newcastle United FC, Wolverhampton Wanderers FC and Burnley FC—to warn that they are promoting unlicensed gambling websites. Club officials who continue advertising them could face prosecution.
Jaw-dropping Wynn $5.5M AML fine sends shockwaves through Vegas
Las Vegas has once again captured headlines as Wynn Las Vegas agrees to a $5.5 million anti-money laundering penalty. This latest regulatory action, the third of its kind on the Strip in 2025, underlines growing scrutiny on casino operators by the Nevada Gaming Control Board, federal authorities and international watchdogs.
Examination of past settlements, legal frameworks and emerging compliance trends sheds light on what led to this landmark decision—and how the industry is gearing up to prevent similar lapses.
Source: Jaw-Dropping Wynn $5.5M AML Fine Sends Shockwaves Through Vegas – Fincrime Central
Critical measures needed to fight money laundering and terrorist financing, say leaders of FATF, INTERPOL and UNODC
Countries need to take critical measures to target the huge illicit profits generated by drug trafficking, human trafficking, migrant smuggling, and frauds and scams, international organisations urged today, warning that behind every dollar laundered is a victim – a family destroyed, a life lost, a community damaged.
This was the urgent call to action from leaders of the Financial Action Task Force (FATF), INTERPOL and the UN Office on Drugs and Crime (UNODC) in Vienna today, at a high-level Side Event on the first day of the 34th Session of the Commission on Crime Prevention and Criminal Justice (CCPCJ).
Edmond de Rothschild Europe Slammed with €25 Million Money Laundering Fine
The €25 million penalty issued on May 22nd 2025, imposed on private bank Edmond de Rothschild Europe by a Luxembourg court has sent shockwaves through the financial sector, representing the most significant anti-money laundering (AML) enforcement action in the country’s history. This event is not just about a single bank’s failure; it is a stark lesson for financial institutions worldwide about the repercussions of insufficient AML controls in the era of complex, cross-border financial crime.
Source: Edmond de Rothschild Europe Slammed with €25 Million Money Laundering Fine – Fincrime Central
CSSF fines BNY Mellon unit for procedural failures
Luxembourg’s financial regulator has hit BNY Mellon Fund Management (Luxembourg) with a €207,310 administrative penalty.
The Financial Sector Supervisory Commission (CSSF) said on Tuesday that it found failures in the firm’s “administrative and accounting procedures” and noted inadequate “internal control mechanisms” during onsite inspections in September and October 2021.
Those inspections took place six months after the CSSF issued a €24,400 fine against the same firm for similar failures.
CBN, SEC Fine Access Holdings N1.21Bn for Infractions
Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) have jointly imposed a total fine of ₦1.21bn on Access Holdings Plc for a series of regulatory breaches committed during the 2024 financial year.
Company fined £33,850 by Isle of Man’s Financial Services Authority
An island-based payroll agent has been fined £33,850 by the regulator.
This takes the number of fines handed out by the Financial Services Authority in the past 12 months to £3,011,385.
The FSA deemed it ‘reasonable, proportionate and appropriate’ to impose the £33,850 civil penalty on Income Plus Services Limited.
An investigation identified a number of breaches of the Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) code.
FIA Imposes a Monetary fine of L$15 million Liberian Dollars Against Orange Money Liberia for failing to meet critical and essential AML/CFT requirements as provided by Liberia’s AML/CFT Act of 2021
The Financial Intelligence Agency of Liberia (FIA) has imposed a fine of L$15 million on Orange Money Liberia (OML) for failing to meet critical Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) requirements as outlined in Liberia’s AML/CFT Act of 2021.
According to a release, the fine follows a comprehensive risk-based compliance inspection conducted by the FIA from September 2 to 13, 2024. The inspection assessed the adequacy of OML’s AML/CFT compliance programs, including policies, procedures, internal controls, and adherence to regulations such as the Mobile Money Regulations (No. CBL/RSD/003/2014), Corporate Governance Regulations (No. CBL/RSD/001/2012), and the CBL Risk Management Guidelines.
4 banks fined nearly RM5mil over regulatory breaches
Bank Negara Malaysia (BNM) has imposed administrative monetary penalties totalling RM4.95 million on Bank Pembangunan Malaysia Bhd (BPMB), HSBC Bank Malaysia Bhd, HSBC Amanah Malaysia Bhd, and Maybank Islamic Bhd for breaches of financial regulations.
The central bank said it imposed an administrative monetary penalty of RM493,500 on BPMB for non-compliance with provisions under the Development Financial Institutions Act 2002 as well as the Anti-Money Laundering, Countering Financing of Terrorism and Targeted Financial Sanctions for Financial Institutions (AML/CFT & TFS) Policy Document.