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The Financial Services Regulatory Authority (FSRA), the market regulator of Abu Dhabi Global Markets, one of the United Arab Emirates (UAE)’s international financial centers and free trade areas, has fined Wise Nuqud $360,000. was imposed.
Wise Nuqud is a local subsidiary of London-based financial technology company Wise (formerly TransferWise).
The FSRA said it fined Wise Nuqud for violating anti-money laundering (AML) requirements. Reuters report.
According to the outlet, free zone regulators found that international payment processors failed to put in place proper AML systems and controls.
The FSRA said it had not found any actual money laundering taking place because of the gaps identified, but the regulator said Wise’s AML system could not guarantee full compliance with its requirements. It pointed out.
Further, the FSRA explained that Wise Nuqud waived its obligation to verify the nationality of its clients and the source of its income if the clients were deemed to be at high risk.
The FSRA said it would fine Wise Nuqud $450,000, but the company has not contested the findings and is therefore eligible for a 20% discount.
Weiss said. Reuters The company takes its AML obligations as a top priority and continues to improve its AML system to the highest standards.
The company then emphasized that the FSRA did not find any actual instances of financial fraud.
The FSRA noted that Wise has taken “substantial steps” to correct the areas of error it has identified.
Meanwhile, the Hong Kong Monetary Authority announced last week that it had fined the Hong Kong branch of German universal bank Commerzbank AG HK$6 million (US$764,670).
Central bank officials said the fines were for bank violations of some provisions of the country’s Anti-Money Laundering and Counter-Terrorism Financing Ordinance.
The Financial Services Regulatory Authority (FSRA), the market regulator of Abu Dhabi Global Markets, one of the United Arab Emirates (UAE)’s international financial centers and free trade areas, has fined Wise Nuqud $360,000. was imposed.
Wise Nuqud is a local subsidiary of London-based financial technology company Wise (formerly TransferWise).
The FSRA said it fined Wise Nuqud for violating anti-money laundering (AML) requirements. Reuters report.
According to the outlet, free zone regulators found that international payment processors failed to put in place proper AML systems and controls.
The FSRA said it had not found any actual money laundering taking place because of the gaps identified, but the regulator said Wise’s AML system could not guarantee full compliance with its requirements. It pointed out.
Further, the FSRA explained that Wise Nuqud waived its obligation to verify the nationality of its clients and the source of its income if the clients were deemed to be at high risk.
The FSRA said it would fine Wise Nuqud $450,000, but the company has not contested the findings and is therefore eligible for a 20% discount.
Weiss said. Reuters The company takes its AML obligations as a top priority and continues to improve its AML system to the highest standards.
The company then emphasized that the FSRA had found no actual instances of financial fraud.
The FSRA noted that Wise is taking “substantial steps” to correct the areas of negligence it has identified.
Meanwhile, the Hong Kong Monetary Authority announced last week that it had fined the Hong Kong branch of German universal bank Commerzbank AG HK$6 million (US$764,670).
Central bank officials said the fines were for bank violations of some provisions of the country’s Anti-Money Laundering and Counter-Terrorism Financing Ordinance.
