Abu Dhabi Global Market’s (ADGM) Financial Services Regulatory Authority (FSRA) has imposed a fine of 1.3 million dirhams ($360,000) on WISE Nuqud due to violating number of anti-money laundering (AML) requirements.
FSRA clarified in a statement that WISE had not maintained adequate AML controls to ensure full compliance with its obligations.
Wise Nuqud did not assess the expected volume of business for those customers as part of the risk assessment and due diligence it is supposed to perform before establishing a business relationship with customers, the ADGM said.
WISE did not object the FSRA’s findings and agreed to settle and buy at the earliest opportunity.
Moreover, the company said that it would continue to invest in maintaining and the AML processes to meet the highest standards in partnership with regulators around the world.
