Compliance Radar
Who was sanctioned, and for what?
Fines, court rulings and incidents from Europe and North America: 756 cases from 32 jurisdictions, each with an official source and checked against that source before publication. Filter by country, area of law and sector. Click a chart to drill down one level.
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Where?
by regionAll jurisdictions
What for?
by action- Fine €230.4m 100 % · 26 cases
- Order — 0 % · 1 case
- Reprimand or warning — 0 % · 1 case
Who?
by sectorAll sectors
When?
per quarter, by date of decision| Period | Cases | Total |
|---|---|---|
| Q3 2023 | 0 | — |
| Q4 2023 | 1 | €840,000 |
| Q1 2024 | 0 | — |
| Q2 2024 | 2 | €12,866 |
| Q3 2024 | 0 | — |
| Q4 2024 | 1 | €66,504 |
| Q1 2025 | 1 | €800 |
| Q2 2025 | 3 | €36.8m |
| Q3 2025 | 4 | €50.5m |
| Q4 2025 | 4 | €57.8m |
| Q1 2026 | 5 | €71m |
| Q2 2026 | 3 | €12.9m |
| Q3 2026 | 4 | €481,006 |
28 cases
6 Mar 2026 Canaccord Genuity LLCFinCEN: 80 million USD against Canaccord Genuity over AML and correspondent banking deficiencies €69.2m
The US Financial Crimes Enforcement Network (FinCEN) imposed 80 million USD on the broker-dealer, which admitted wilful BSA infringements: no effective AML programme, no due diligence on correspondent accounts of foreign financial institutions and failure to file suspicious activity reports in connection with securities fraud. Remedial measures that had been promised were not implemented for years.
Implement remedial measures promised in writing to the supervisory authority genuinely and swiftly – years of delay aggravate the later sanction.
- Authority / court
- Financial Crimes Enforcement Network (FinCEN)
- Area of law
- Money laundering and terrorist financing · Customer due diligence
- Legal basis
- Bank Secrecy Act (BSA)
- Action
- Fine
- Status of proceedings
- final
- Sector
- Financial services and insurance
- Culpability
- intentional
- Published
- 6 Mar 2026
Original amount 80,000,000 USD, converted at the ECB reference rate of 6 Mar 2026.
Checked against the official source on 25 Sep 2026 · Direct link
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27 Aug 2026 MiFinity Malta LimitedMalta: MiFinity pays 160,099 EUR following anti-money laundering examination €160,099
At the payment institution, the customer risk assessment had only been introduced after business had started, some customers remained unassessed, and customer profiles were based on transaction thresholds rather than on risk. The Financial Intelligence Analysis Unit (FIAU) set a fine of 266,833 EUR and a follow-up directive; under a settlement, the fine was reduced by 40% to 160,099 EUR.
A customer risk assessment belongs before business starts, not in a later remediation project.
Risk-based customer profiles and source of funds
- Authority / court
- Financial Intelligence Analysis Unit (FIAU)
- Area of law
- Money laundering and terrorist financing · Customer due diligence
- Legal basis
- Reg. 2(1), 5(5)(a)(ii), 7(1)(c), 7(2)(a), 21, 22 PMLFTR
- Action
- Fine
- Status of proceedings
- final
- Sector
- Financial services and insurance
- Mitigating circumstances
- Settlement with 40% reduction; remediation demonstrated
- Published
- 2 Sep 2026
- Settlement Agreement Publication Notice – MiFinity Malta Limited Decision of an authority
Checked against the official source on 25 Sep 2026 · Direct link
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20 Aug 2026 Tax adviser uses firm's account for third-party payments: 30,000 EUR FMA penalty upheld €30,000
From December 2022, an auditor and tax adviser processed payments of another limited company totalling around 1.26 million EUR through the bank account of his tax advisory company, which was held as an own account, without disclosing this to the bank – according to the court, deliberately in order to avoid a compliance review. The Austrian Federal Administrative Court (Bundesverwaltungsgericht, BVwG) upheld the fine of 30,000 EUR imposed on him by the Financial Market Authority (Finanzmarktaufsicht, FMA) in its penalty decision of 27 November 2025, in his capacity as managing director of the account-holding company, which is liable for the penalty; an ordinary appeal on points of law is not admissible.
Customers also have obligations under anti-money laundering law: anyone channelling third-party funds through an own account must disclose this to the bank.
Disclosure obligations as a bank customer for trust and pass-through payments
- Authority / court
- Bundesverwaltungsgericht (BVwG); Straferkenntnis der Finanzmarktaufsicht (FMA) vom 27.11.2025
- Area of law
- Money laundering and terrorist financing · Customer due diligence
- Legal basis
- § 6 Abs. 3 FM-GwG (Offenlegung des Handelns auf fremde Rechnung) i. V. m. § 34 Abs. 5 FM-GwG; § 9 Abs. 1 und 7 VStG
- Action
- Fine
- Status of proceedings
- final
- Sector
- Other
- Culpability
- intentional
- Liability of senior managers
- Fine imposed on the managing director personally; liability of the company under Section 9(7) VStG (Austrian Administrative Penal Act)
- BVwG W607 2331234-1 vom 20.08.2026 Court decision
Checked against the official source on 25 Sep 2026 · Direct link
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14 Jul 2026 Goldwin LtdMalta: 80,907 EUR against online casino Goldwin for missing customer risk assessment €80,907
The 2022 examination revealed that for more than two years the remote gaming operator had had no proper customer risk assessment for almost its entire player base; the assessments submitted had been prepared specifically for the examination. In addition, once players reached the deposit threshold of 2,000 EUR, it did not check in good time whether they were politically exposed persons. The Financial Intelligence Analysis Unit (FIAU) imposed 80,907 EUR; the fine was still open to appeal at the time of publication.
Supervisory authorities see through risk assessments prepared only for the examination – they must be applied in day-to-day business.
Risk-based customer assessment in gambling
- Authority / court
- Financial Intelligence Analysis Unit (FIAU)
- Area of law
- Money laundering and terrorist financing · Customer due diligence
- Legal basis
- Reg. 5(5)(a)(ii), 11(5), 21 PMLFTR; FIAU Implementing Procedures Part I und II (Remote Gaming)
- Action
- Fine
- Status of proceedings
- unknown
- Sector
- Other
- Published
- 16 Jul 2026
- Administrative Measure Publication Notice – Goldwin Ltd Decision of an authority
- Publication of AML/CFT Administrative Penalties and Measures – FIAU Enforcement database of an authority
Checked against the official source on 25 Sep 2026 · Direct link
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10 Jul 2026 Volksbank Düsseldorf Neuss eGBaFin: 210,000 EUR against Volksbank Düsseldorf Neuss over monitoring and reporting gaps €210,000
Germany's Federal Financial Supervisory Authority (BaFin) imposed fines totalling 210,000 EUR on the cooperative bank: business relationships were not monitored on an ongoing basis or with enhanced scrutiny, additional information was not obtained and suspicious activity reports were not filed or were filed late. The function of the money laundering reporting officer had been outsourced to an external service provider with several clients.
Institutions that outsource the anti-money laundering function remain responsible themselves for ongoing monitoring and timely suspicious activity reports.
Ongoing monitoring of business relationships and suspicious activity reporting
- Authority / court
- Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin)
- Area of law
- Money laundering and terrorist financing · Customer due diligence
- Legal basis
- § 56 Abs. 1 S. 1 Nr. 20, 36, 38 und 69 GwG; Bekanntmachung nach § 57 GwG
- Action
- Fine
- Status of proceedings
- final
- Sector
- Financial services and insurance
- Published
- 17 Sep 2026
- Volksbank Düsseldorf Neuss eG: Bafin setzt Bußgelder fest Press release of an authority
- Bekanntmachung zur Volksbank Düsseldorf Neuss eG (§ 57 GwG) Official register or notice
Checked against the official source on 25 Sep 2026 · Direct link
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23 Jun 2026 Banca Popolare Commerciale SpaBanca d'Italia: 40,000 EUR against Banca Popolare Commerciale over AML deficiencies €40,000
Following an on-site inspection from February to April 2025, the Bank of Italy (Banca d'Italia) found deficiencies in customer due diligence, active cooperation (suspicious transaction reporting) and anti-money laundering controls, and imposed an administrative fine of 40,000 EUR. The duration of the deficiencies and the corrective measures initiated were taken into account.
Gaps in customer due diligence and suspicious transaction reporting are consistently sanctioned after on-site inspections, even with smaller amounts – corrective measures reduce the sanction but do not replace it.
Customer due diligence and suspicious transaction reports
- Authority / court
- Banca d'Italia
- Area of law
- Money laundering and terrorist financing · Customer due diligence
- Legal basis
- Art. 62 d.lgs. 231/2007; Verstöße gegen Art. 7, 16–19, 24, 25, 35, 36 d.lgs. 231/2007
- Action
- Fine
- Status of proceedings
- unknown
- Sector
- Financial services and insurance
- Mitigating circumstances
- Corrective measures initiated
- Banca Popolare Commerciale Spa – Provvedimento n. 190 del 23 giugno 2026 (AML) Decision of an authority
Checked against the official source on 25 Sep 2026 · Direct link
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19 Jun 2026 CACEIS Bank (UK Branch)FCA: public censure for CACEIS UK over deficient checks on a custody client Reprimand or warning
The UK Financial Conduct Authority (FCA) issued a public censure because the London branch opened and operated accounts for the wealth manager WealthTek, although its own register searches showed that it lacked permissions to hold client assets, and overlooked a restriction noted in the register; 16 monitoring alerts were not worked through over two years, and more than £314 million flowed through the accounts. In view of cooperation and a voluntary payment of £31.7 million to WealthTek clients, the FCA refrained from imposing a fine (otherwise £23.1 million after discount).
Anyone who notices a discrepancy in the register must clarify and document it before accounts are activated.
Register checks and follow-up on identified KYC gaps
- Authority / court
- Financial Conduct Authority (FCA)
- Area of law
- Money laundering and terrorist financing · Customer due diligence
- Legal basis
- Section 205 FSMA (Public Censure) wegen Verstoßes gegen FCA Principle 2; Maßstab u. a. SYSC 6.1.1R, 6.3.1R, 6.3.3R und Regulations 18, 27, 28 MLR 2017
- Action
- Reprimand or warning
- Status of proceedings
- final
- Sector
- Financial services and insurance
- Mitigating circumstances
- Cooperation, acknowledgement of the deficiencies and a voluntary payment of £31,714,068 to those harmed
- Published
- 25 Jun 2026
- Final Notice 2026: CACEIS Bank (UK Branch) Decision of an authority
Checked against the official source on 25 Sep 2026 · Direct link
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17 Jun 2026 Ikano Bank ABIkano Bank: 140 million SEK over deficiencies in money laundering risk assessment and customer due diligence €12.9m
For the period April 2022 to May 2023, the Swedish financial supervisory authority Finansinspektionen (FI) found that the bank’s general risk assessment did not realistically assess the terrorist financing risks of its corporate products and that no enhanced due diligence measures were taken for high-risk corporate customers. FI issued a remark and imposed 140 million SEK; the bank has brought an action before the administrative court.
The money laundering risk assessment must reflect the actual customers and products – a generic assessment leaves the entire customer due diligence open to challenge.
Enhanced due diligence for high-risk customers
- Authority / court
- Finansinspektionen (FI)
- Area of law
- Money laundering and terrorist financing · Customer due diligence
- Legal basis
- Penningtvättslagen (2017:630)
- Action
- Fine
- Status of proceedings
- under appeal
- Sector
- Financial services and insurance
- Published
- 17 Jun 2026
Original amount 140,000,000 SEK, converted at the ECB reference rate of 17 Jun 2026.
- FI ger Ikano Bank en anmärkning och en sanktionsavgift (17.06.2026) Press release of an authority
Checked against the official source on 25 Sep 2026 · Direct link
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23 Mar 2026 Stanleybet Malta LimitedMalta: 225,730 EUR against betting operator Stanleybet over lack of customer checks in betting shops €225,730
Malta's Financial Intelligence Analysis Unit (FIAU) imposed 225,730 EUR, a penalty payment of 2,000 EUR per day and a follow-up directive on the licensed gambling operator, which works through a network of independently operated betting shops in an EU member state. The company was unable to link customers' cumulative deposits across different shops and only checked customers from a single deposit of 2,000 EUR upwards, so the threshold could be circumvented. The company has appealed.
Thresholds must be aggregated per customer across all channels and branches – otherwise the system invites structuring.
Recognising structured deposits below the checking threshold
- Authority / court
- Financial Intelligence Analysis Unit (FIAU)
- Area of law
- Money laundering and terrorist financing · Customer due diligence
- Legal basis
- Regulation 21 PMLFTR; Verstöße gegen Regulations 5(5)(a)(ii), 7, 9(1) PMLFTR und FIAU Implementing Procedures
- Action
- Fine
- Status of proceedings
- under appeal
- Sector
- Other
- Published
- 16 Apr 2026
- Administrative Measure Publication Notice – Stanleybet Malta Limited Decision of an authority
- Administrative Measures – FIAU Enforcement database of an authority
Checked against the official source on 25 Sep 2026 · Direct link
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20 Feb 2026 BVwG reduces FMA penalty against private bank over unclarified beneficial owners €356,000
From 2017 to 2020, an Austrian bank specialising in private and investment banking had not adequately examined the ownership and control structure of an offshore holding client despite the lack of evidence on shareholders, trust arrangements and beneficial owners. The Austrian Federal Administrative Court (Bundesverwaltungsgericht, BVwG) confirmed the infringement but reduced the additional penalty imposed by the Financial Market Authority (Finanzmarktaufsicht, FMA) in its penalty decision of 17 December 2024 from 476,000 to 356,000 EUR (total penalty 436,000 EUR less FMA penalties already paid), because the FMA had taken the seriousness of the offence into account twice and the bank had cooperated, admitted its errors and terminated the client relationship; an appeal on points of law has been permitted.
For offshore holdings with trustees, prove the beneficial owner with supporting documents – a self-declaration is not enough.
Identifying beneficial owners in holding and trust structures
- Authority / court
- Bundesverwaltungsgericht (BVwG); Straferkenntnis der Finanzmarktaufsicht (FMA) vom 17.12.2024
- Area of law
- Money laundering and terrorist financing · Customer due diligence
- Legal basis
- § 9 Abs. 1 erster Satz i. V. m. § 6 Abs. 1 Z 2 FM-GwG; § 35 Abs. 1 und 3 i. V. m. § 34 Abs. 1 Z 2 und Abs. 2 FM-GwG; § 22 Abs. 9 FMABG (Zusatzstrafe)
- Action
- Fine
- Status of proceedings
- reduced
- Sector
- Financial services and insurance
- Culpability
- negligent
- Mitigating circumstances
- Reduction by the court because the wrongfulness of the offence had been counted twice, cooperation, admission of the facts and of guilt, and termination of the client relationship
- BVwG W204 2306222-1 vom 20.02.2026 Court decision
Checked against the official source on 25 Sep 2026 · Direct link
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17 Feb 2026 BVwG upholds 588,000 EUR FMA penalty against major bank over incorrect risk classification €588,000
The Austrian Federal Administrative Court (Bundesverwaltungsgericht, BVwG) dismissed the appeal of a listed major Austrian bank and upheld the fine of 588,000 EUR (plus 58,800 EUR in procedural costs) imposed by the Financial Market Authority (Finanzmarktaufsicht, FMA) in its penalty decision of 19 November 2024. From 2017 to 2020, the bank had not adequately risk-classified three business relationships and had disregarded sector risks such as gambling and precious metals trading as well as cash intensity; an appeal on points of law has been permitted.
Customers from gambling or precious metals trading with a high share of cash belong in a higher risk class – otherwise the enhanced obligations are missing.
Risk classification of cash-intensive high-risk sectors
- Authority / court
- Bundesverwaltungsgericht (BVwG); Straferkenntnis der Finanzmarktaufsicht (FMA) vom 19.11.2024
- Area of law
- Money laundering and terrorist financing · Customer due diligence
- Legal basis
- § 6 Abs. 5 i. V. m. § 34 Abs. 1 Z 2 und § 35 Abs. 1–3 FM-GwG
- Action
- Fine
- Status of proceedings
- unknown
- Sector
- Financial services and insurance
- BVwG W204 2304676-1 vom 17.02.2026 Court decision
Checked against the official source on 25 Sep 2026 · Direct link
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20 Jan 2026 Cardif Lux Vie S.A.Cardif Lux Vie: 615,000 EUR over deficiencies in money laundering questionnaires and customer files €615,000
An on-site inspection in 2023 revealed that the life insurer in some cases did not handle the mandatory money laundering risk assessment questionnaires in compliance with the rules, that the employees responsible lacked sufficiently precise instructions and that customer files contained many incorrect answers. The Commissariat aux Assurances (Luxembourg insurance supervisory authority, CAA) imposed 615,000 EUR.
Risk questionnaires are only as good as the guidance given to those who complete them – clear work instructions and training are part of this.
Money laundering risk assessment by employees
- Authority / court
- Commissariat aux Assurances (CAA)
- Area of law
- Money laundering and terrorist financing · Customer due diligence
- Legal basis
- Loi modifiée du 12 novembre 2004 (LBC/FT), Art. 2-1, 8-4, 8-5; Règlement CAA 20/03
- Action
- Fine
- Status of proceedings
- unknown
- Sector
- Financial services and insurance
- Mitigating circumstances
- Close cooperation with the CAA during and after the inspection; remediation plan for all deficiencies submitted promptly.
- Published
- 1 Jul 2026
- CAA – Sanction administrative Cardif Lux Vie S.A. (01.07.2026) Decision of an authority
- CAA – Sanctions et autres mesures administratives Enforcement database of an authority
Checked against the official source on 25 Sep 2026 · Direct link
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16 Dec 2025 Hardeck Möbel GmbH & Co. KGFurniture retailer Hardeck: 379,503 EUR fine for breach of AML due diligence obligations €379,504
The Arnsberg regional government (Bezirksregierung Arnsberg), as anti-money laundering supervisor for the non-financial sector, imposed a fine of 379,503.50 EUR, final since 16 December 2025, on the furniture retailer as a dealer in goods for breach of due diligence obligations under the German Money Laundering Act (Geldwäschegesetz, GwG). Karl-Ernst Hardeck is named as the person responsible for the company.
Furniture retailers, as dealers in goods, are also obliged entities under the GwG – breaches of due diligence obligations can trigger six-figure fines.
Identification for cash payments in the trade in goods
- Authority / court
- Bezirksregierung Arnsberg (Geldwäscheaufsicht Nichtfinanzsektor)
- Area of law
- Money laundering and terrorist financing · Customer due diligence
- Legal basis
- Geldwäschegesetz (Sorgfaltspflichten); Bekanntmachung nach § 57 GwG
- Action
- Fine
- Status of proceedings
- final
- Sector
- Retail and e-commerce
- Liability of senior managers
- The announcement names Karl-Ernst Hardeck as the person responsible for the infringement
- Bekanntmachung nach § 57 GwG – Bezirksregierung Arnsberg Official register or notice
Checked against the official source on 25 Sep 2026 · Direct link
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11 Dec 2025 Nationwide Building SocietyFCA: £44 million against Nationwide over financial crime controls €50.4m
The UK Financial Conduct Authority (FCA) imposed £44,078,500 (after a 30% discount) because, from October 2016 to July 2021, the building society had no effective systems to keep due diligence and risk assessments for personal customers up to date, and did not identify personal accounts used for business purposes. As a result, one customer received 24 fraudulent Covid furlough payments totalling £27.3 million.
Keep customer profiles continuously up to date – anyone who postpones known weaknesses for years ends up paying for the abuse.
Identifying personal accounts used for business purposes
- Authority / court
- Financial Conduct Authority (FCA)
- Area of law
- Money laundering and terrorist financing · Customer due diligence
- Legal basis
- FCA Principle 3; SYSC 6.1.1R und 6.3.1R
- Action
- Fine
- Status of proceedings
- final
- Sector
- Financial services and insurance
- Employees
- 10,000 or more
- Mitigating circumstances
- 30% settlement discount
- Published
- 12 Dec 2025
Original amount 44,078,500 GBP, converted at the ECB reference rate of 11 Dec 2025.
- FCA fines Nationwide £44m for failings in financial crime controls Press release of an authority
- 2025 fines | FCA Enforcement database of an authority
- Final Notice: Nationwide Building Society (11.12.2025) Decision of an authority
Checked against the official source on 25 Sep 2026 · Direct link
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20 Nov 2025 Caesars Entertainment, Inc. / Desert Palace, LLC (Caesars Palace)Nevada: 7.8 million USD against Caesars over gambling by an illegal bookmaker €6.77m
On 13 November 2025, the Nevada Gaming Control Board (NGCB) filed a disciplinary complaint for unsuitable methods of operation in connection with the illegal bookmaker Mathew Bowyer and at the same time concluded a settlement of 7.8 million USD with conditions attached to the gaming licences. The conditions relate primarily to improving the AML programme and to additional training and awareness-raising for employees; the Nevada Gaming Commission (NGC) adopted the settlement as its order on 20 November 2025 (Case No. 25-03).
Casino staff must recognise high-risk players and unexplained sources of funds – revenue interests must not override AML obligations.
Checking the source of gambling funds, recognising high-risk customers
Missing or inadequate training played a role in the decision.
- Authority / court
- Nevada Gaming Commission (NGC) auf Beschwerde des Nevada Gaming Control Board (NGCB)
- Area of law
- Money laundering and terrorist financing · Customer due diligence
- Legal basis
- Glücksspielrecht Nevada (unsuitable methods of operation)
- Action
- Fine
- Status of proceedings
- final
- Sector
- Other
- Employees
- 10,000 or more
- Mitigating circumstances
- Numerous remedial measures already implemented
- Published
- 13 Nov 2025
Original amount 7,800,000 USD, converted at the ECB reference rate of 20 Nov 2025.
- Nevada Gaming Control Board and Caesars Entertainment, Inc. Enter into Proposed Stipulation for Settlement Regarding Disciplinary Complaint Press release of an authority
- Nevada Gaming Commission – Disposition, November 2025 Agenda (20.11.2025) Decision of an authority
Checked against the official source on 25 Sep 2026 · Direct link
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15 Oct 2025 Zimpler ABZimpler: 3 million SEK over anti-money laundering deficiencies at gambling-related payment service €272,245
Between July 2023 and April 2024, the payment service provider, a substantial part of whose business is linked to the gambling sector, had gaps in its general risk assessment (including a missing assessment of its currency exchange service), in its customer risk assessment and in customer due diligence. The Swedish financial supervisory authority Finansinspektionen (FI) issued a remark and imposed 3 million SEK.
Include every new product – even an ancillary service such as currency exchange – in the money laundering risk assessment before launch.
Money laundering risks in the gambling environment
- Authority / court
- Finansinspektionen (FI)
- Area of law
- Money laundering and terrorist financing · Customer due diligence
- Legal basis
- Penningtvättslagen (2017:630)
- Action
- Fine
- Status of proceedings
- unknown
- Sector
- Financial services and insurance
- Published
- 15 Oct 2025
Original amount 3,000,000 SEK, converted at the ECB reference rate of 15 Oct 2025.
- Zimpler får en anmärkning och sanktionsavgift (15.10.2025) Press release of an authority
Checked against the official source on 25 Sep 2026 · Direct link
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22 Aug 2025 J.P. Morgan (Suisse) SAJ.P. Morgan (Suisse): 3 million CHF fine in the 1MDB complex for deficient anti-money laundering controls €3.2m
Between October 2014 and July 2015, around 174 million CHF from predicate offences in the 1MDB complex passed through the bank in 43 transfers, even though negative information about the Petrosaudi managers involved was publicly available. The Office of the Attorney General of Switzerland (Bundesanwaltschaft) convicted the bank by summary penalty order and imposed 3 million CHF; a compensation claim was waived because the 1MDB fund is being compensated as a private claimant.
Publicly available negative information about clients must feed into the risk assessment and be capable of stopping transactions.
Customer due diligence and adverse media screening
- Authority / court
- Bundesanwaltschaft
- Area of law
- Money laundering and terrorist financing · Customer due diligence
- Legal basis
- Art. 102 Abs. 2 StGB i. V. m. Art. 305bis Abs. 1 und 2 StGB
- Action
- Fine
- Status of proceedings
- final
- Sector
- Financial services and insurance
- Mitigating circumstances
- Time elapsed since the offence, very good cooperation in the proceedings, compensation of the private claimant (1MDB).
- Published
- 22 Aug 2025
Original amount 3,000,000 CHF, converted at the ECB reference rate of 22 Aug 2025.
- Fall 1MDB: Bank JP Morgan Suisse mit Strafbefehl verurteilt Press release of an authority
Checked against the official source on 25 Sep 2026 · Direct link
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7 Aug 2025 Paxos Trust Company, LLCNYDFS: 26.5 million USD against Paxos over AML deficiencies in Binance business €22.8m
The New York State Department of Financial Services (NYDFS) imposed a penalty of 26.5 million USD on the crypto trust company because Paxos did not maintain an effective BSA/AML programme before 2023: KYC checks and risk ratings were inadequate, and transaction monitoring and suspicious activity reporting procedures had gaps, including in connection with the business relationship with Binance, contrary to a 2020 agreement. In addition, Paxos must invest at least 22 million USD in its compliance programme.
Companies that distribute products via partner platforms must include those platforms' customer and transaction risks in their own AML programme.
- Authority / court
- New York State Department of Financial Services (NYDFS)
- Area of law
- Money laundering and terrorist financing · Customer due diligence
- Legal basis
- New York Banking Law §§ 39, 44; AML-Vorschriften des NYDFS und Bank Secrecy Act
- Action
- Fine
- Status of proceedings
- final
- Sector
- Financial services and insurance
- Published
- 7 Aug 2025
Original amount 26,500,000 USD, converted at the ECB reference rate of 7 Aug 2025.
- In the Matter of Paxos Trust Company, LLC – Consent Order Decision of an authority
Checked against the official source on 25 Sep 2026 · Direct link
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7 Jul 2025 Monzo Bank LimitedFCA: £21 million against Monzo over lax account opening for high-risk customers €24.5m
The UK Financial Conduct Authority (FCA) imposed £21,091,300 (after a 30% discount) because, from 2018 to 2020, Monzo onboarded customers on the basis of sparse and sometimes obviously implausible information – such as well-known London landmarks given as addresses. Despite a requirement not to take on any more high-risk customers, the bank opened more than 34,000 such accounts up to 2022.
Automated onboarding needs plausibility checks – and supervisory requirements must be implemented in a technically effective way.
Plausibility checks in customer onboarding
- Authority / court
- Financial Conduct Authority (FCA)
- Area of law
- Money laundering and terrorist financing · Customer due diligence
- Legal basis
- FCA Principle 3 (PRIN 3); s. 55L FSMA (Verstoß gegen Auflage)
- Action
- Fine
- Status of proceedings
- final
- Sector
- Financial services and insurance
- Mitigating circumstances
- 30% settlement discount
- Published
- 8 Jul 2025
Original amount 21,091,300 GBP, converted at the ECB reference rate of 7 Jul 2025.
- FCA fines Monzo £21m for failings in financial crime controls Press release of an authority
- 2025 fines | FCA Enforcement database of an authority
- Final Notice: Monzo Bank Limited (07.07.2025) Decision of an authority
Checked against the official source on 25 Sep 2026 · Direct link
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2 Jul 2025 Swilly Mulroy Credit Union LimitedIreland: small credit union accepted cash from non-members without checks €36,273
Between 2014 and 2021, the credit union solicited cash from persons without an account and accepted 2,329 cash deposits totalling 8.75 million EUR without the required anti-money laundering checks; the board had known about the risk since 2015, and there was no self-reporting. The Central Bank of Ireland imposed a reprimand and 36,273 EUR (after a 30% discount on 51,819 EUR).
Even small cooperative banks must identify cash from non-customers – and would do better to self-report known risks.
Identification for cash deposits by non-customers
- Authority / court
- Central Bank of Ireland
- Area of law
- Money laundering and terrorist financing · Customer due diligence
- Legal basis
- Criminal Justice (Money Laundering and Terrorist Financing) Act 2010; Credit Union Act 1997
- Action
- Fine
- Status of proceedings
- final
- Sector
- Financial services and insurance
- Mitigating circumstances
- 30% settlement discount
- Liability of senior managers
- The board had known about the risks since 2015 without taking remedial action
- Published
- 2 Jul 2025
Checked against the official source on 25 Sep 2026 · Direct link