Anti Money Laundering News 24 Jun 2025

Anti Money Laundering News (15 Jun – 21 Jun 2025)

Welcome to this week’s edition of the Global AML News Weekly Digest. Here are the top stories making headlines around the world:

Singapore’s Harsh Crypto Deadline: Firms Face $200K Fines or Jail for Non-Compliance

Singapore is closing a major loophole that allowed local crypto companies to serve overseas clients without full regulatory oversight. From June 30, 2025, all Singapore-based entities offering digital token services abroad must obtain a Digital Token Service Provider (DTSP) licence or cease such operations entirely. The Monetary Authority of Singapore (MAS) has ruled out any grace period or transitional relief, warning that violations could lead to SGD 250,000 fines (approx. USD 200,000) and up to three years in prison. The crackdown follows mounting AML/CFT concerns and effectively amounts to a de facto ban on new licences, pushing many crypto firms to relocate to jurisdictions like Panama, Dubai, and Hong Kong, triggering what the industry now dubs a “crypto exodus”.

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Walmart to Pay $10 Million Over Lax Money Transfer Security, FTC Finds $197 Million in Fraud

Walmart has agreed to pay $10 million to settle a Federal Trade Commission (FTC) lawsuit that exposed serious failures in the retailer’s money transfer services. Between 2013 and 2018, scammers exploited Walmart’s inadequate employee training, weak anti-fraud policies, and poor ID verification controls to launder over $197 million, with potential fraud exposure nearing $1.3 billion. The FTC highlighted that Walmart ignored clear red flags, including 226,679 complaints linked to fraudulent transactions via MoneyGram, Ria, and Western Union services offered in-store. The court has barred Walmart from providing financial transaction services unless robust fraud prevention measures are in place, effectively holding the retail giant accountable for failing to protect consumers.

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Pictet Bank Fined $2.5 Million in Swiss Petrobras Money Laundering Case; Ex-Manager Sentenced

Swiss authorities have fined private banking giant Pictet 2 million Swiss francs (approximately $2.5 million) for failing to prevent money laundering linked to Brazil’s Petrobras corruption scandal. A former Pictet wealth manager received a six-month suspended prison sentence after approving over $4.1 million in suspicious transfers between 2010 and 2013, using an offshore account controlled by a Petrobras official. The case is part of the broader Lava Jato (Car Wash) investigation, Brazil’s largest-ever corruption probe. Swiss prosecutors cited organisational shortcomings at Pictet that facilitated the illicit transactions, though the bank has neither admitted guilt nor accepted liability. The matter has now been formally resolved for Pictet, according to the bank.

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Kuwait Approves Tough New Anti-Money Laundering Law with $1.6 Million Fines

Kuwait has approved a stringent draft law to bolster its fight against money laundering and terrorist financing, introducing fines of up to KD 500,000 (approximately $1.62 million). The law, aligned with UN Security Council resolutions, enhances the government’s authority to freeze assets, suspend transactions, and blacklist individuals or entities suspected of terrorism or weapons proliferation. The Cabinet approved the draft following a Ministerial Legal Affairs Committee recommendation, and it now awaits final approval from Emir Sheikh Meshal Al Ahmad Al Jaber Al Sabah. The law allows for immediate enforcement upon issuance, includes provisions to protect individuals acting in good faith, and empowers ministers to establish committees for implementation. Violations will attract significant financial penalties alongside potential regulatory sanctions.

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UAE Shuts Down Sundus Exchange, Fines Dh10 Million in Money Laundering Crackdown

The Central Bank of the UAE (CBUAE) has revoked the licence of Sundus Exchange and imposed a Dh10 million fine after the firm was found violating Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) regulations. The exchange has been permanently removed from the official licences register following examinations that exposed its non-compliance with Federal Decree Law No. (20) of 2018. This enforcement action is part of the UAE’s broader efforts to enhance financial oversight, close regulatory loopholes, and safeguard the integrity of its financial system. The CBUAE has reaffirmed its commitment to holding all exchange houses and financial institutions accountable under strict AML/CFT standards.

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Saudi Arabia and Kuwait Sign MoU to Strengthen Joint Anti-Money Laundering Efforts

Saudi Arabia and Kuwait have signed a memorandum of understanding (MoU) to boost cooperation in combating money laundering and terrorist financing, marking a significant step in regional financial crime prevention. The agreement was finalized between Saudi Arabia’s General Department of Financial Investigations and Kuwait’s Financial Intelligence Unit during the second meeting of the GCC Committee of Financial Intelligence Units in Kuwait. The MoU aims to enhance intelligence sharing, operational coordination, and alignment with international AML/CFT standards. The agreement also reflects deepening economic ties, with Saudi Arabia actively courting Kuwaiti investment in its mining and industrial sectors, in line with the Kingdom’s Vision 2030. Both nations emphasized that the deal will strengthen national capabilities, regional integration, and financial system integrity.

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