Anti Money Laundering News (24 Nov – 31 Nov 2025)
Welcome to this week’s edition of the Global AML News Weekly Digest. Here are the top stories making headlines around the world:
Morgan Stanley fined €101 million in Dutch dividend-tax case
Dutch prosecutors have imposed a €101 million fine on Morgan Stanley after concluding that the bank’s London and Amsterdam entities improperly reclaimed dividend taxes over several years. Authorities found that the investment bank enabled foreign investors—who were not entitled to Dutch dividend-tax refunds—to obtain reimbursements that are reserved only for domestic shareholders. The enforcement action stems from a long-running investigation and a decade-long court battle, which the bank previously attempted to settle through a fiscal agreement in early 2025. However, that agreement did not shield the institution from criminal liability. The prosecutors said the scheme was part of a broader pattern of “cum-ex” style tax-reclaim practices that European regulators have aggressively cracked down on in recent years. Morgan Stanley has not admitted wrongdoing but agreed to the fine to avoid further litigation. The case signals the Netherlands’ growing commitment to tackling sophisticated cross-border tax fraud and ensuring that major financial institutions cannot rely on complex structures to secure illegitimate tax benefits.
South Korean police officers accused of bribery in $186 million crypto-laundering scandal
South Korean authorities have charged two senior police officers for accepting bribes in connection with a massive crypto-money-laundering scheme valued at $186 million. Prosecutors allege that the officers assisted a criminal network operating an unregistered crypto-exchange disguised as a “gift certificate shop,” a structure commonly used in Korea to bypass financial scrutiny. The officers are accused of taking cash, luxury goods, and other benefits in exchange for providing inside investigative information, interfering with ongoing probes, and helping the criminals unfreeze accounts linked to illicit proceeds. The laundering operation is believed to be tied to widespread voice-phishing scams targeting elderly and vulnerable citizens. Authorities have seized and frozen multiple assets connected to the network, and the arrests highlight the increasing intersection between traditional corruption and modern crypto-enabled financial crime. The case has intensified calls for stronger oversight of law-enforcement misconduct and enhanced scrutiny of informal crypto-exchange channels.
Kuwait fines thousands of companies in sweeping transparency and ownership-compliance campaign
Kuwait’s Ministry of Commerce and Industry has undertaken one of the country’s largest corporate-transparency enforcement drives, imposing fines on a vast number of companies that failed to register or update their beneficial ownership information. As part of the nationwide cleanup, more than 73,700 dormant or non-compliant firms were shut down entirely, while thousands more were penalised for submitting incomplete or inaccurate ownership data. Authorities say the initiative is aimed at strengthening Kuwait’s ability to detect financial crime, prevent shell-company misuse, and support the country’s ongoing efforts to align with global AML and FATF standards. The crackdown has produced notable improvements: compliance rates for beneficial-ownership disclosures surged from 42.8% in late 2024 to an impressive 98.62% by October 2025. Officials note that accurate corporate registries are essential for improving investment transparency, reducing fraud, and boosting Kuwait’s reputation as a trustworthy financial jurisdiction. The initiative is expected to continue with periodic audits and increased penalties for future non-compliance.
Online pharmacy in India fined ₹2 lakh for unfair trade practice over auto-renewal subscription
The Central Consumer Protection Authority (CCPA) has fined online pharmacy PharmEasy ₹2 lakh after determining that the platform engaged in unfair trade practices by automatically renewing a three-month paid subscription plan for customers without obtaining explicit consent. The renewal—priced at ₹99—was charged to users even when they had not knowingly opted in. This practice violates India’s consumer-protection and e-commerce rules, which require platforms to use clear, affirmative, opt-in mechanisms for subscription billing. The CCPA’s order signals tightening regulatory oversight over digital-health platforms, which have come under increased scrutiny due to concerns around data privacy, consumer rights, and opaque pricing models. PharmEasy has been instructed to modify its subscription systems to ensure transparency and user control. The decision also sets an important precedent for subscription-based services across India’s rapidly expanding online marketplace, underscoring that auto-renewals without consent constitute deceptive commercial behaviour.
Upbit faces $25 million fine and temporary suspension as the FIU cracks down on AML failures
South Korea’s Financial Intelligence Unit (FIU) has levied a $25 million fine against Upbit, the country’s largest cryptocurrency exchange, after identifying more than 5.3 million instances of KYC and AML non-compliance. Investigators reported that Upbit repeatedly failed to verify customer identities, maintain proper due-diligence records, and report suspicious transaction patterns. Authorities also identified at least 15 suspicious transactions that went unreported, signalling systemic compliance gaps. In addition to the financial penalty, the FIU has imposed a three-month ban on the onboarding of new customers, significantly impacting the exchange’s operations. Upbit’s parent company has acknowledged the findings but is considering an appeal. The enforcement action is part of a broader regulatory push by South Korea to tighten oversight of digital-asset service providers amid growing concerns about illicit crypto flows, market manipulation, and terrorism-financing risks. The case underscores the high compliance expectations placed on large exchanges and highlights the increasing consequences of regulatory breaches.
Hundreds of Oct. 7 victims sue Binance for allegedly facilitating Hamas-linked crypto flows
More than 300 victims and families affected by the 7 October 2023 Hamas attack on Israel have filed a sweeping U.S. lawsuit against Binance and its founder Changpeng Zhao, accusing the exchange of knowingly facilitating over $1 billion in cryptocurrency transfers tied to Hamas, Hezbollah, and Iran’s Revolutionary Guard Corps. The complaint argues that Binance operated with lax AML controls for years, enabling terrorist groups to move funds undetected across borders, and that the platform continued to support illicit flows even after its historic $4.32 billion settlement with U.S. authorities in 2023 for money-laundering violations. Plaintiffs claim the exchange’s failures directly contributed to the financing capabilities of militant groups responsible for deadly attacks. Binance has not yet publicly responded to the lawsuit, but legal experts say the case could set a significant precedent for how crypto exchanges are held liable for enabling terrorism-related financial activity. The lawsuit adds to the mounting global scrutiny over the sector’s AML weaknesses and highlights the urgent need for robust oversight of cryptocurrency platforms.
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