The Financial Services Regulatory Authority (FSRA) within Abu Dhabi Global Market (ADGM) has imposed a penalty of $486,000 (Dh1.784 million) on the money service provider Pyypl Ltd (Pyypl) for failing to comply with anti-money laundering (AML) requirements.
The FSRA found that Pyypl’s AML compliance was inadequate and that it operated outside the scope of its Financial Services Permission. This action underscores the FSRA’s commitment to maintaining high standards in combating financial crime and money laundering risks. The regulator emphasizes the importance of ensuring that authorized firms stay within the boundaries of their licenses.
The United Arab Emirates (UAE) has recently strengthened AML rules and regulations, penalizing banks and exchange houses for AML law violations. The UAE Central Bank has also taken actions against financial institutions for failing to adhere to AML and combating the financing of terrorism regulations.
The FSRA’s investigation revealed that Pyypl failed to establish and maintain sufficient AML systems and controls, conduct proper AML risk assessments on customers, and ensure the effectiveness of AML policies and procedures. Additionally, Pyypl was found to have engaged in the Regulated Activity of Insurance Intermediation without the necessary authorization between May 2021 and November 2022.
Pyypl did not contest the findings, resulting in a 20% discount on the financial penalty imposed by the FSRA. Otherwise, the penalty would have been $607,500 (Dh2.231 million).
By FCCT Editorial Team
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