Financial firms have made progress in preventing sanctions breaches, but serious gaps in governance and compliance remain, which are likely to result in keener regulatory scrutiny and potentially more penalties in the future, say experts.
OFSI
Posted inCryptocurrency and Digital Assets
U.K.’s sanctions on cryptocurrency exchanges signal new focus on illicit digital financing
Cryptocurrency exchanges believed to be financing Russia’s war in Ukraine have been sanctioned by the U.K. government in the first attempt to prevent evasion via “dark networks.”
Posted inRegulatory Enforcement
Sabre Corp subsidiary fined $1.3 million for U.K. sanctions circumvention
The U.K.’s sanctions office has imposed its largest penalty for circumventing Russian sanctions since the war in Ukraine began in 2022.
Posted inAML
New AML investigation into Wise adds pressure on compliance in rapid growth fintechs and challenger banks
Belgian authorities are investigating money-transfer fintech Wise for its controls around suspicious transactions worth over $577 million across 30 European countries. The current investigation only concerns the fintech’s EU operations, but the company has a history of fines for weak financial controls in several regions, including the U.S. and the Middle East.
