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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.

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.

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