Compliance Radar
Who was sanctioned, and for what?
Fines, court rulings and incidents from Europe, North America, Latin America, Asia-Pacific and Middle East: 1,929 cases from 40 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.
Click a bar to drill down one level.
Where?
by authority- Financial Services Regulatory Authority (ADGM) €5.95m 88 % · 3 cases
- Dubai Financial Services Authority (DFSA) €810,115 12 % · 2 cases
- Virtual Assets Regulatory Authority (VARA), Dubai – 0 % · 2 cases
What for?
by topic- no topic €3.63m 54 % · 4 cases
- Organisational requirements €2.7m 40 % · 2 cases
- Market abuse and insider dealing €425,676 6 % · 1 case
Who?
by sectorAll sectors
When?
per quarter, by date of decision| Period | Cases | Total |
|---|---|---|
| Q4 2023 | 0 | – |
| Q1 2024 | 0 | – |
| Q2 2024 | 0 | – |
| Q3 2024 | 0 | – |
| Q4 2024 | 0 | – |
| Q1 2025 | 0 | – |
| Q2 2025 | 2 | €5.95m |
| Q3 2025 | 1 | – |
| Q4 2025 | 0 | – |
| Q1 2026 | 3 | €810,115 |
| Q2 2026 | 1 | – |
| Q3 2026 | 0 | – |
| Q4 2026 | 0 | – |
7 cases
3 Apr 2025 AC Holding Limited (Cayman Islands, Hayvn-Muttergesellschaft)ADGM: 3.6m USD fine for Hayvn parent over payments routed through unregulated accounts €3.24m
The FSRA (Financial Services Regulatory Authority, the financial regulator of Abu Dhabi Global Market, ADGM) fined the Cayman Islands parent company of the Hayvn group 3,600,000 USD for being knowingly concerned in unauthorised regulated activities of an unregulated ADGM special purpose vehicle and in breaches of permission by its ADGM subsidiary. Around 3,023 transactions for 241 group clients ran through the bank accounts of that vehicle, with deposits of about 507 million USD and payments of about 558 million USD, although the vehicle held no permission and was not subject to the ADGM anti-money laundering rules. The regulator increased the fine by 20%, partly because the parent did not fully disclose its use of the accounts to the regulator and withheld half of the fees owed to the appointed skilled persons.
A parent company is also liable when it knowingly routes client business through unregulated entities in a financial centre.
Licensing within a group: no processing through unregulated entities
- Authority / court
- Financial Services Regulatory Authority (ADGM)
- Area of law
- Capital markets and financial supervision
- Legal basis
- Sections 16, 17 und 20 i. V. m. Section 220 sowie Section 232 FSMR 2015
- Action
- Fine
- Status of proceedings
- final
- Sector
- Financial services and insurance
- Mitigating circumstances
- Cooperation by the parent company and its audit and risk committee from mid-December 2023; the aggravating factors outweighed this.
- Liability of senior managers
- According to the Final Notice, the use of the accounts was not approved by the board but directed by the then CEO. Measures against individuals are not set out here.
Original amount 3,600,000 USD, converted at the ECB reference rate of 3 Apr 2025.
- FSRA Final Notice an AC Holding Limited (Cayman Islands) vom 3. April 2025 Decision of an authority
- ADGM FSRA Regulatory Actions and Sanctions (Durchsetzungsliste) Enforcement database of an authority
Checked against the official source on 3 Oct 2026 · Direct link
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17 Jun 2026 Peken Global Limited (KuCoin)VARA: fine and cease-and-desist order against unlicensed Peken Global (KuCoin) Fine
Following VARA investigations, Peken Global Limited, trading as KuCoin, provided virtual asset broker-dealer and/or exchange services to customers in Dubai without a licence. VARA imposed fines of an undisclosed amount and ordered the immediate cessation of all unlicensed activities; other group entities were expressly not affected.
Anyone providing crypto services cross-border to customers in Dubai needs a licence there – regardless of where the platform is based.
Licensing requirement for crypto services in the target market
- Authority / court
- Virtual Assets Regulatory Authority (VARA), Dubai
- Area of law
- Capital markets and financial supervision
- Legal basis
- Federal Decree Law No. (10) of 2025 (AML/CFT/PF); Dubai Law No. (4) of 2022 Regulating Virtual Assets; Cabinet Resolution No. 111/2022; VARA Regulations und Rulebooks
- Action
- Fine
- Status of proceedings
- unknown
- Sector
- Financial services and insurance
- Mitigating circumstances
- Full cooperation and full compliance with the measures; intention to go through the licensing process.
- Published
- 24 Jun 2026
- VARA: VARA Notice of Fines – Peken Global Limited ('Kucoin') (Enforcement Notice, 24.06.2026) Press release of an authority
- VARA: Enforcement Notice of Fines – Peken Global Limited (PDF, verlinkt von vara.ae) Decision of an authority
- VARA: Enforcement Actions – Liste der Geldbußen (Eintrag Peken Global Limited (Kucoin), 2026/06/17) Enforcement database of an authority
Checked against the official source on 3 Oct 2026 · Direct link
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2 Feb 2026 Ark Capital Management (Dubai) LimitedDFSA: allegedly USD 504,000 on Ark Capital Management over market abuse controls €425,676
The investment firm did not review alerts from its surveillance system adequately or promptly, so at least ten suspicious trading instances were not reported or reported late; it also failed to notify an agreed, potentially staged change in control. After a 30% settlement discount the DFSA allegedly imposed USD 504,000 (otherwise USD 720,000).
A surveillance system only helps if its alerts are reviewed promptly – and a staged acquisition of shares must still be notified.
Consistently working through trade surveillance alerts
- Authority / court
- Dubai Financial Services Authority (DFSA)
- Area of law
- Capital markets and financial supervision · Market abuse and insider dealing
- Legal basis
- Art. 90(2) Regulatory Law 2004 (DIFC); GEN Rules 11.10.12A, 5.3.20(a), 11.8.11(2), 4.2.3, 4.2.10 DFSA Rulebook
- Action
- Fine
- Status of proceedings
- final
- Sector
- Financial services and insurance
- Mitigating circumstances
- Settlement (30% discount); USD 720,000 without settlement.
- Published
- 6 Feb 2026
Original amount 504,000 USD, converted at the ECB reference rate of 2 Feb 2026.
- DFSA: Decision Notice an Ark Capital Management (Dubai) Limited vom 02.02.2026 (PDF, Dateispeicher der DFSA-Website) Decision of an authority
- DFSA: The DFSA fines Ark Capital Management (Dubai) Limited USD 504,000 for market abuse systems and change of control reporting failings (Media Release, 06.02.2026, DFSA Rulebook) Press release of an authority
Checked against the official source on 3 Oct 2026 · Direct link
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2 Feb 2026 Ed Broking (MENA) LimitedDFSA: USD 455,176 on reinsurance broker Ed Broking (MENA) for deceptive conduct €384,439
The reinsurance broker gave cedent insurers and reinsurers different premiums for the same placement, misled reinsurers about deductions and brokerage, and misled a client about the brokerage earned on 121 placements, partly using altered documents. In a settlement the DFSA allegedly imposed USD 455,176: USD 175,343 disgorgement (including interest) and a USD 279,833 penalty (USD 575,104 without settlement). The amount and the facts have not been confirmed against the primary source.
Undisclosed brokerage and inconsistent premium figures given to the contracting parties amount to deception – an early self-report reduces the consequences.
Transparency on brokerage and premiums in insurance distribution
- Authority / court
- Dubai Financial Services Authority (DFSA)
- Area of law
- Capital markets and financial supervision
- Action
- Fine
- Status of proceedings
- final
- Sector
- Financial services and insurance
- Mitigating circumstances
- Self-report to the DFSA, internal investigation and restitution to clients; settlement (reduction from USD 575,104).
- Published
- 2 Feb 2026
Original amount 455,176 USD, converted at the ECB reference rate of 2 Feb 2026.
Checked against the official source on 3 Oct 2026 · Direct link
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8 Jan 2026 Wealthface LimitedADGM: Wealthface gives enforceable undertaking after capital and reporting breaches Other
The FSRA (Financial Services Regulatory Authority, the financial regulator of Abu Dhabi Global Market, ADGM) accepted an enforceable undertaking from the wealth manager and robo-adviser after its investigation found that between January 2023 and March 2025 the firm held insufficient liquid assets for most of the period and insufficient capital resources at the end of 2023 and 2024, calculated its capital requirement for three quarters of 2024 on an understated expenditure figure, did not prepare its 2023 financial statements under IFRS and filed them late, had no office in ADGM since the end of 2023 and paid supervision fees late. The firm admitted the alleged contraventions and undertook, among other things, to appoint an independent director within 60 days, to close any capital shortfall, to re-establish its head office and registered office in ADGM and to report monthly on its capital and liquid assets for one year. The undertaking contains no financial penalty.
Capital and liquidity requirements must be calculated continuously and on correct input figures, not only at the reporting date.
Ongoing monitoring of capital and liquidity
- Authority / court
- Financial Services Regulatory Authority (ADGM)
- Area of law
- Capital markets and financial supervision · Organisational requirements
- Legal basis
- Section 235 FSMR 2015; PRU Rules 3.2.4(a), 3.7.2, 3.7.4(1); GEN Rules 4.5.1(1), 6.2.2, 6.6.2; FEES Rule 1.2.2
- Action
- Other
- Status of proceedings
- final
- Sector
- Financial services and insurance
- Mitigating circumstances
- Cooperation with the investigation; some of the contraventions (capital calculation and resources, IFRS accounts, office in ADGM) were already being remediated.
- Enforceable Undertaking der Wealthface Limited gegenüber der FSRA, angenommen am 8. Januar 2026 Decision of an authority
- ADGM FSRA Regulatory Actions and Sanctions (Durchsetzungsliste) Enforcement database of an authority
Checked against the official source on 3 Oct 2026 · Direct link
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24 Jul 2025 The Open Network FoundationVARA: fine and cease-and-desist order against The Open Network Foundation (marketing) Fine
According to VARA's enforcement list, The Open Network Foundation breached the VARA Marketing Regulations. The list records a cease-and-desist order, a fine of an undisclosed amount and a public statement as the measures taken.
Foundations in the crypto sector are also subject to Dubai's marketing rules for virtual assets when they promote their offering there.
Rules for marketing virtual assets
- Authority / court
- Virtual Assets Regulatory Authority (VARA), Dubai
- Area of law
- Capital markets and financial supervision
- Legal basis
- VARA Marketing Regulations
- Action
- Fine
- Status of proceedings
- unknown
- Sector
- Telecoms, IT and software
- VARA: Enforcement Actions – Liste der Geldbußen (Eintrag The Open Network Foundation, 2025/07/24) Enforcement database of an authority
Checked against the official source on 3 Oct 2026 · Direct link
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3 Apr 2025 AC Limited (Hayvn)ADGM: 3m USD fine and permission cancelled for crypto firm AC Limited (Hayvn) €2.7m
The FSRA (Financial Services Regulatory Authority, the financial regulator of Abu Dhabi Global Market, ADGM) fined the provider of virtual asset trading and custody 3,000,000 USD and cancelled its Financial Services Permission. Between December 2021 and May 2024 it had dealt in virtual assets that were not accepted and exceeded its asset cap of 1 million USD, let client money run through accounts of an unregulated ADGM special purpose vehicle and of its parent company without formal agreements, maintained seven initially undisclosed client relationships without proper risk assessment and due diligence, and gave the regulator false and misleading information about bank accounts, clients and assets. The regulator considered the contraventions deliberate or at least reckless and increased the fine by 20% because of the false information.
False information to the regulator aggravates any sanction, and client money belongs in dedicated, protected client accounts.
Candour towards the regulator and protection of client money
- Authority / court
- Financial Services Regulatory Authority (ADGM)
- Area of law
- Capital markets and financial supervision · Organisational requirements
- Legal basis
- Sections 17(1), 33, 214(4), 221 und 232 FSMR 2015; GEN Rules 2.2.1, 2.2.3, 2.2.9, 2.2.10, 2.2.11, 3.2.1, 3.3.1, 3.3.3, 3.3.7, 3.3.34, 8.1.2(6); COBS Rules 2.2.1, 14.2.1, 17.2.1; AML Rules 7.1.1, 7.1.2, 7.1.3, 8.3.1(1), 8.4.1
- Action
- Fine
- Status of proceedings
- final
- Sector
- Financial services and insurance
- Mitigating circumstances
- Cooperation from mid-December 2023 and voluntary cessation of trading from 11 December 2023 under an enforceable undertaking; no previous non-compliance of a similar nature. The aggravating factors outweighed these.
- Liability of senior managers
- Measures against individuals are not set out here.
Original amount 3,000,000 USD, converted at the ECB reference rate of 3 Apr 2025.
- FSRA Final Notice an AC Limited (Hayvn) vom 3. April 2025 Decision of an authority
- ADGM FSRA Regulatory Actions and Sanctions (Durchsetzungsliste) Enforcement database of an authority
Checked against the official source on 3 Oct 2026 · Direct link