FSRA Imposed a Dh 1.32 Million Fine on Wise Nuqud Ltd for AML Failings
FSRA imposed a Dh 1.32 million fine on Wise Nuqud for AML failings. Wise cooperated in the investigation and got a 20% discount on the financial penalty.
Wise Nuqud, a money service providing firm, has been charged with Dh 1.32 million fine by FSRA for not having an adequate anti-money laundering control system. According to Abu Dhabi Global Market (ADGM), the company failed to comply with AML regulations. The Financial Services Regulatory Authority (FSRA) investigated and identified the failure of AML systems in Wise.
Risk-based assessment is an essential aspect of any business, while the financial institution Wise didn’t bother to verify their customers’ identities and source of income. Other lapses include failing to obtain the manager’s approval for business relationship establishment with high-risk customers. According to the regulator, Wise failed to determine the customers’ that were marked as high-risk entities.
Furthermore, Wise’s and its senior management cooperated with regulatory authorities throughout this investigation and took essential steps to remediate the problems identified by FSRA. That’s why Wise qualified for a 20% discount on the financial penalty. Otherwise, it would have to pay the full amount of the fine.
Emmanuel Givanakis, Chief Executive Officer of the FSRA, said: “The FSRA actively supports the national AML/CFT agenda and maintains a robust and comprehensive supervisory framework and enforcement regime in the areas of AML/CFT in ADGM. The FSRA is committed to ensuring that all regulated entities maintain high standards to address money laundering risks and, where appropriate, the FSRA will take strong action to ensure firms comply fully with the anti-money laundering requirements in ADGM.”
Suggested Read: US Attorney’s Office Charges New York’s Oldest Mafia Clans for Money Laundering Scheme
