Mauritius Compliance news
Mauritius Prime Minister Sacks Central Bank Governor Over Power Struggle
Mauritius is grappling with fresh turmoil at its central bank after Prime Minister Navin Ramgoolam announced he has asked Governor Rama Sithanen to step down, promising to appoint new leadership in the coming days.
The move follows weeks of controversy and the high-profile resignation of a deputy governor amid allegations of interference in the institution’s operations. Ramgoolam said on Saturday that the situation had reached a breaking point.
Source: Mauritius Prime Minister Sacks Central Bank Governor Over Power Struggle
Transfert sur le compte d’Allysaheb Jagai: un responsable de banque arrêté par la FCC
Le manager d’une succursale d’une banque a été arrêté par la Financial Crimes Commission (FCC) lundi soir. Il est soupçonné d’avoir validé un transfert d’argent d’un montant de Rs 800 000 sur le compte d’Allysaheb Jagai, le fils du Surintendant de police Ashik Jagai, alors que ce dernier était en détention.
Mauritius: Virtual assets – Key considerations for market participants
Mauritius operates a dedicated virtual-assets legal framework that combines VASP licensing and issuer registration with integrated anti-money laundering regulations that are aligned to the Financial Action Task Force recommendations, making it a clear and workable onshore/ offshore regime for virtual assets related services.
The regulatory framework established by the the Virtual Asset and Initial Token Offering Services Act 2021 positions Mauritius as a leading jurisdiction for virtual asset activities, balancing innovation with investor protection and market integrity.
Source: https://bowmanslaw.com/insights/mauritius-virtual-assets-key-considerations-for-market-participants/
Public Notice: Dr Priscilla Muthoora Thakoor appointed as Governor of the Bank of Mauritius
Members of the public are hereby informed that His Excellency Mr Dharambeer Gokhool, G.C.S.K., President of the Republic of Mauritius, has, in accordance with Section 13 of the Bank of Mauritius Act 2004, and upon the recommendation of the Prime Minister, appointed Dr Priscilla Muthoora Thakoor, as Governor of the Bank of Mauritius for a period of three years with effect from the 29th of September 2025.
UAE Compliance news
Bybit to Accept Dubai’s Tokenised Money Market Fund as Collateral.
Bybit has become the first global exchange to accept the Dubai Financial Services Authority (DFSA)-approved QCDT as collateral. The tokenised money market fund (MMF), developed by DMZ Finance and managed by Qatar National Bank (QNB Group) with Standard Chartered as custodian, represents a landmark step in bridging traditional finance and digital assets. The move establishes a fresh benchmark for regulatory alignment and institutional participation in the digital asset ecosystem.
Source: https://financefeeds.com/bybit-to-accept-dubais-tokenised-money-market-fund-as-collateral/
India’s HDFC Bank banned from accepting new clients in Dubai
India’s HDFC Bank said it has been barred from accepting new clients at its Dubai International Financial Centre branch, a move aimed at streamlining the onboarding process for its customers.
Mumbai-based HDFC, India’s biggest private lender by assets and market capitalisation, was restricted from soliciting or accepting new clients who were unable to complete the onboarding process as of September 25, 2025, the bank said late on Friday in a filing to the Bombay Stock Exchange, citing an email from the Dubai Financial Services Authority.
Strong Demand Drives UAE to Issue AED1.1 B T-Sukuk in September
The UAE Ministry of Finance, acting as issuer with the Central Bank of the UAE as issuing and payment agent, has completed the September 2025 auction for dirham-denominated Islamic Treasury Sukuk, issuing AED1.1 billion in two tranches.
Investor appetite proved robust: total bids reached AED5.1 billion, representing an oversubscription rate of 4.6 times. The two tranches mature in August 2028 and May 2030. Yields to maturity were set at 3.64 percent for the 2028 tranche and 3.72 percent for the 2030 tranche, with spreads of up to 5 basis points over comparable US Treasuries. The new Sukuk are now listed under the UAE Treasury Islamic Sukuk Programme on Nasdaq Dubai, bolstering their tradability in secondary markets.
UAE Imposes Tough Penalties to Combat Financial Crime
A report released by UAE-based advisory firm AJMS reveals that the United Arab Emirates has fundamentally and permanently reshaped its economic landscape, levying over AED 765 million in financial penalties since 2020 in a sustained, high-intensity campaign against financial crime.
The report, “THE REGULATORY REGIME OF THE UAE: A New Compliance Paradigm,” provides the first comprehensive data-driven analysis of this transformation, concluding that a new, zero-tolerance baseline for business is now the permanent reality.
An update on Financial Crime Risk Management in the UAE
In recent years, the UAE has taken substantial steps to fight financial crime, specifically by advancing policies on anti-money laundering (“AML”) and combating the financing of terrorism (“CFT”). These efforts began to yield tangible results when, in February 2024, the UAE was removed from the Financial Action Task Force’s (the “FATF”) ‘Grey List’ of countries (being those considered to have strategic deficiencies in their AML and CFT frameworks).
This was followed by the European Parliament approving the EU Commission’s decision to remove the UAE from its own list of high-risk countries with strategically deficient AML and CFT frameworks on 9 July 2025. With the FATF’s next round of mutual evaluations underway, the UAE will be looking to further demonstrate the resilience and integrity of its financial systems ahead of its scheduled evaluation in June 2026.
Global Compliance news
AUSTRAC issues $187,800 infringement notice for late reporting
AUSTRAC has issued Revolut Payments Australia Pty Ltd (Revolut) with an infringement notice totalling $187,800 after the company notified AUSTRAC it had submitted late reports.
Revolut, a remittance service provider, self-disclosed failures to submit international funds transfer instructions within the timeframe stipulated by the Anti-Money Laundering and Counter Terrorism Financing (AML/CTF) Act.
South Korean Regulator Fines First Crypto Whale Under New Law
Today, the Financial Services Commission (FSC) of South Korea has imposed its first-ever fine targeting a crypto whale for unfair trading practices, including creating artificial trading volume, spreading false information, and exploiting price discrepancies. This shows that officials are likely getting a lot more serious about enforcing crypto rules.
Source: https://cryptorank.io/news/feed/2bb59-south-korean-regulator-fines-first-crypto-whale-under-new-law
CSSF fines Alipay €214,000 over serious AML/CFT failings
The Luxembourg financial regulator imposed a €214,000 fine on Alipay for serious AML/CFT failings, including unreported suspicious transactions, weak client verification, and insufficient oversight of outsourced and compliance functions.
Source: https://en.paperjam.lu/article/cssf-fines-alipay-eu214-000-over-serious-aml-cft-failings
Fintrac fines Saskatchewan Indian Gaming Authority $1.1M
OTTAWA — The federal financial intelligence unit responsible for monitoring money laundering and terrorist financing has levied a $1.1-million fine against the Saskatchewan Indian Gaming Authority.
Fintrac says it imposed a monetary penalty on the group after finding it committed three violations.
Those violations include failing to submit suspicious transaction reports where there were reasonable grounds to suspect a link to money laundering or terrorist financing, and a failure to develop and apply written compliance policies and procedures.
It says those violations were uncovered during a compliance examination.
Source: https://www.nsnews.com/the-mix/fintrac-fines-saskatchewan-indian-gaming-authority-11m-11215670
Lottomart operator to pay £360,000 following social responsibility and AML failures
The ongoing digitalisation of financial services has increased the risk of money laundering (ML) and terrorist financing (TF), according to the European Banking Authority (EBA).
Canada Fines KuCoin Record $14 Million for AML Failures
Canada’s financial intelligence unit has imposed a record C$19.6 million ($14 million) fine on Peken Global Limited, operator of crypto exchange KuCoin, for failing to comply with anti-money laundering (AML) requirements.
Source: https://beincrypto.com/canada-fines-kucoin-14m-aml-breaches/
FSC reviews six-month suspension and 5 billion won fine for Lotte Card over data leak
The Financial Services Commission is reviewing a plan to impose a six-month business suspension and a 5 billion won penalty surcharge on Lotte Card, where member personal information was leaked in a hacking incident. This is the maximum level of sanction that can be imposed on a financial company under current law. The commission is also discussing recommending the dismissal of Lotte Card executives and seeking the dismissal of frontline employees in connection with this case.
Source: https://biz.chosun.com/en/en-finance/2025/09/26/FRAUGTNPQRE43BLXLDTBJFBDP4/
Korea set to slash banks’ Hong Kong ELS fines to around $3.5 bn
Penalties on South Korean banks over the mis-selling of equity-linked securities (ELS) tied to Hong Kong’s Hang Seng Index are now expected to total about 5 trillion won ($3.5 billion). The figure is lower than the earlier estimates of up to 8 trillion won after regulators signaled they would apply mid-tier rates.
BNM fines Syarikat SM Ziaudeen, Alipay Malaysia for regulatory non-compliance
PETALING JAYA: Bank Negara Malaysia has imposed administrative monetary penalties of RM193,500 on Syarikat SM Ziaudeen Sdn Bhd (SSMZ) and RM340,000 on Alipay Malaysia Sdn Bhd (Alipay) for regulatory non-compliance.
ShapeShift pays $750K fine over more than 17,000 possible sanctions violations
Erik Voorhees’ defunct crypto exchange ShapeShift has been ordered to pay a $750,000 fine to settle its case with the US Treasury after it processed $12.6 million in potentially sanction-violating crypto transactions.
Source: https://protos.com/shapeshift-pays-750k-fine-over-more-than-17000-possible-sanctions-violations/
Digital Lenders to be Fined Ksh5 Million Under New CBK Rules
The Central Bank of Kenya (CBK) has introduced draft regulations to bring order and oversight to the emerging credit guarantee business and digital lenders.