A PYMNTS Company

Wise Fined $360K For AML Violations By Abu Dhabi Regulator

By  |  August 30, 2022

Money transfer service Wise has been fined $360,000 in Abu Dhabi for violating anti-money laundering (AML) regulations.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    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.