Anti Money Laundering News 09 Nov 2026

Anti Money Laundering News (09 Nov 2026)

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

Block Agrees to Proposed $764 Million DOJ Settlement Over Anti-Money Laundering Failures

Payments company Block has reached an agreement in principle with the US Department of Justice (DOJ) to resolve an investigation into alleged deficiencies in its anti-money laundering (AML) programme. The proposed deferred prosecution agreement carries a gross financial component of approximately $964 million, with the net payment expected to be around $764 million after credits for previous regulatory settlements. The investigation concerns allegations that Block failed to maintain an effective AML programme under the Bank Secrecy Act, particularly across its Cash App and Square operations. Under the proposed arrangement, the DOJ would defer prosecution for three years, with the charge potentially dismissed if the company fulfils its obligations. The agreement remains subject to finalisation and court approval. The case highlights the financial and legal consequences of inadequate customer verification, transaction monitoring and suspicious activity detection, particularly for rapidly expanding digital payment platforms.

Sources: Payments Dive

Nordea Bank Faces Potential $988 Million Penalty in Landmark Danish Money Laundering Case

Nordea Bank faces a potential penalty of DKK 6.6 billion (approximately $988 million) in Denmark over alleged failures to prevent money laundering between 2012 and 2015. Prosecutors are seeking the penalty in connection with approximately DKK 26 billion ($3.9 billion) in transactions, primarily processed through one of the bank’s Copenhagen branches. The allegations include inadequate customer due diligence, failure to investigate transaction alerts and insufficient reporting of suspicious financial activities. Authorities have also highlighted shortcomings in checks involving 25 customers, including businesses with opaque ownership structures and questionable registered addresses. The case is particularly significant because it represents the first time a money laundering investigation against a bank has proceeded to court in Denmark. Nordea denies the allegations, arguing that shortcomings in historical controls do not necessarily constitute criminal conduct. The outcome could establish an important precedent for AML enforcement and corporate accountability in Denmark’s banking sector.

Source: Insurance Journal

FINRA Fines Webull $4.2 Million for AML and Best Execution Compliance Failures

The Financial Industry Regulatory Authority (FINRA) has fined Webull Financial $4.2 million for deficiencies in its anti-money laundering, identity theft prevention and best execution programmes. The investigation identified weaknesses in customer identity verification and transaction monitoring, including failures to detect suspicious transfers, potentially fraudulent account activity and unusual trading patterns. FINRA found that Webull lacked essential surveillance capabilities and failed to investigate suspicious transactions adequately. In one instance, the firm did not timely investigate an account that generated nearly 13,000 alerts relating to potentially manipulative trading activity. The regulator also identified shortcomings in best execution reviews, including inadequate assessments of execution quality across competing market centres. Webull agreed to remediate its AML and identity theft prevention deficiencies, certify corrective actions and retain an independent consultant to review its best execution programme. The enforcement action reinforces the importance of scalable AML controls, effective surveillance systems and robust compliance oversight as financial technology businesses expand.

Sources: FINRA announcement

Global Regulatory Fines Reach $2 Billion in Q3 2026, With AML and Data Protection Failures Driving Enforcement

Global regulators issued 25 enforcement fines worth approximately $2 billion during the third quarter of 2026, with anti-money laundering deficiencies, data protection violations and governance failures accounting for a significant proportion of penalties. According to Corlytics, US authorities recorded the highest number of fines exceeding $1 million, while European regulators imposed the two largest penalties. The Netherlands fined Uber approximately $955 million over automated account suspension decisions involving drivers without adequate human review, while Ireland’s Data Protection Commission imposed a $457 million penalty on Google over location-tracking practices. AML enforcement also remained prominent. UBS Financial Services paid $125 million to four US agencies, led by FinCEN, over nearly two decades of customer due diligence failures. ABN AMRO received an €8.5 million penalty from the Dutch central bank for structural deficiencies in customer due diligence, while Citibank’s London branch was fined £4 million over sanctions breaches. The findings highlight regulators’ increasing focus on effective controls, accountability and demonstrable compliance outcomes.

Source: FinTech Global

Former Kiambu Governor Ferdinand Waititu Fined KSh 21 Million in Money Laundering Case

Former Kiambu County Governor Ferdinand Waititu has been fined KSh 21 million following his conviction on three money laundering counts linked to a KSh 588.7 million public road construction contract awarded during the 2017/2018 financial year. The court imposed fines of KSh 10 million, KSh 6 million and KSh 5 million across the three counts, alongside alternative prison sentences totalling 13 years. However, the sentences will run concurrently, meaning the maximum imprisonment for defaulting on these fines is five years rather than 13. The case involves allegations that funds connected to the road construction contract were transferred through companies associated with the accused. Investigations by Kenya’s Ethics and Anti-Corruption Commission established that Waititu had corruptly received KSh 25 million from the contractor. The convictions followed an October 2026 High Court decision overturning earlier acquittals. The case underscores the importance of tracing illicit financial flows, investigating beneficial ownership and identifying money laundering risks associated with public procurement.

Source: Capital FM Kenya

Germany Proposes New Money Laundering Combating Act to Align National AML Framework With EU Regulations

Germany’s Federal Ministry of Finance published a draft Money Laundering Combating Act (Geldwäschebekämpfungsgesetz) on October 28, 2026, to implement the EU’s comprehensive Anti-Money Laundering Package. The proposed legislation will replace Germany’s existing Anti-Money Laundering Act and introduce changes affecting financial institutions, payment providers, crypto-asset businesses and other obliged entities. From July 10, 2027, the scope of regulated entities will expand to include crowdfunding service providers, intermediaries and certain non-financial holding companies. The draft also proposes significant changes to customer information systems, extending automated account retrieval requirements to virtual IBANs and crypto-asset accounts, while connecting national systems to the EU-wide BARIS platform. Other measures include enhanced Financial Intelligence Unit monitoring powers, a €10,000 cash payment limit for commercial transactions, increased financial penalties and stronger transparency register verification. BaFin will remain Germany’s principal financial-sector supervisor, with AMLA directly supervising selected entities. Stakeholders can submit comments until November 19, 2026, ahead of the planned July 2027 implementation.

Source: A&O Shearman

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