11 stories
Regulator: Gambling Commission. Jurisdiction: UK. AML/BSA fine. QuinnBet agreed to pay 609,104 pounds, including 193,118 pounds of disgorgement, after the Gambling Commission found its anti-money laundering and customer interaction controls were not effective in practice for 29 months.
Regulator: FinCEN. Jurisdiction: US. AML/BSA fine. FinCEN imposed a 125 million dollar penalty, its largest ever on a broker-dealer, after more than 61,500 foreign currency wires worth over 10.5 billion dollars went unmonitored between January 2019 and June 2023.
Regulator: NYDFS. Jurisdiction: US. AML/BSA fine. New York’s Department of Financial Services secured a 50 million dollar penalty from Swedbank and its New York branch for withholding information about its Baltic subsidiaries’ links to the Panama Papers, across responses spanning 2016 to 2019.
Regulator: DNB. Jurisdiction: Netherlands. AML/BSA fine. De Nederlandsche Bank fined the payment institution 2,656,250 euros after roughly 4,200 merchants sat outside its transaction monitoring system for 23 months, with alerts closed in bulk and no recorded justification.
Regulator: DNB. Jurisdiction: Netherlands. AML/BSA fine. De Nederlandsche Bank fined ABN AMRO 8.5 million euros for inadequate due diligence on high-risk customers, finding monitoring insufficiently critical and customer explanations accepted without verification.
Regulator: DOJ. Jurisdiction: US. AML/BSA fine. EagleBank agreed to pay 9,057,821 dollars in fines plus 736,515 dollars in forfeiture under a non-prosecution agreement, admitting it wilfully failed to run an anti-money laundering programme from 2010 to 2021 while executives overrode compliance…
Regulator: SEC. Jurisdiction: US. AML/BSA fine. The SEC fined Merrill 7.5 million dollars because its transaction monitoring system only investigated alerts scoring 20 or higher, after Merrill’s own analysis showed lower-scoring events would have produced suspicious activity reports.
Regulator: CBUAE. Jurisdiction: UAE. AML/BSA fine. The Central Bank of the UAE fined a foreign bank branch 20 million dirhams for repeated anti-money laundering and sanctions control failures, and separately fined its head of compliance 300,000 dirhams.
Regulator: Finansinspektionen. Jurisdiction: Sweden. AML/BSA fine. Sweden’s financial supervisor fined Ikano Bank 140 million kronor and issued a formal remark for failing to assess how its corporate products could be used to fund crime. No laundering case was alleged.
Regulator: SRA. Jurisdiction: UK. AML/BSA fine. The SRA fined Ranson Houghton LLP for AML failures, signalling AML enforcement expanding beyond banks into legal services.
Regulator: FinCEN. Jurisdiction: US. AML/BSA fine. FinCEN assessed an 80 million dollar penalty, its largest ever against a broker-dealer, for years of gamed trade surveillance and at least 160 suspicious activity reports that were never filed.
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