Money transfer service Wise has been fined $360,000 in Abu Dhabi for violating anti-money laundering (AML) regulations.
The Abu Dhabi Global Market’s Financial Services Regulatory Authority (FSRA) said in a statement Tuesday (Aug. 30) that it “found that Wise did not establish and maintain adequate AML systems and controls to ensure full compliance with its AML obligations.”
The FSRA added that it had not uncovered actual instances of money laundering stemming from Wise’s failure to maintain proper controls.
“Additionally, Wise and its senior management cooperated fully with the FSRA’s inquiries and have undertaken substantial steps to remediate each of the issues identified by the FSRA,” the authority said.
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
UK Probes Lindab’s Acquisition of HAS-Vent Amid Fears of Market Monopoly
Apr 28, 2024 by
CPI
Shein Faces EU Regulations Over User Data
Apr 28, 2024 by
CPI
Google Fights Back Against US Antitrust Lawsuit
Apr 28, 2024 by
CPI
US Homeland Security Establishes Blue-Ribbon Board with Tech CEOs to Advise on AI
Apr 28, 2024 by
CPI
FTC Accuses Amazon Executives of Using Disappearing Messaging Apps to Conceal Evidence
Apr 28, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI