Wise fined $360K for AML failures in Abu Dhabi
International money transfer company Wise will pay a $360,000 penalty for failing to abide by Abu Dhabi’s anti-money laundering (AML) rules over a two-year period, the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market announced.
Wise cooperated fully with the FSRA and addressed the deficiencies cited by the authority, according to an Aug. 25 final notice. The FSRA found no evidence of actual money laundering, the authority said in a press release Tuesday.
In September 2021, the FSRA began a review of Wise and concluded from July 2019 to September 2021, the company failed to create and maintain AML systems required by the FSRA. The review examined Wise’s systems, controls, policies, and procedures regarding AML and included interviews with management and staff and inspections of documents, according to the notice.