Anti Money Laundering News (25 Aug – 31 Aug 2025)
Welcome to this week’s edition of the Global AML News Weekly Digest. Here are the top stories making headlines around the world:
FINTRAC Fines British Columbia Lottery Corporation $1.07M for AML Failures
FINTRAC has imposed a $1,075,000 penalty on the British Columbia Lottery Corporation (BCLC) after a compliance examination revealed violations under Canada’s Proceeds of Crime (Money Laundering) and Terrorist Financing Act. BCLC failed to report suspicious transactions, develop and apply policies for high-risk clients, and implement special measures for such clients. As the province’s overseer of lotteries, casinos, and online gambling, BCLC faces heightened scrutiny to uphold Canada’s AML/ATF framework.
Indian-Origin Businessman Fined Rs 360 Crore in Dubai Money Laundering Case
A Dubai court has upheld a five-year prison sentence against Indian-origin businessman Balvinder Singh Sahni, also known as Abu Sabah, while increasing his fine to Dirham 150 million (Rs 360 crore) in one of the UAE’s biggest financial crime trials. Investigators revealed Sahni and associates laundered illicit funds through shell companies and Bitcoin transactions linked to UK drug traffickers, moving Dirham 180 million (Rs 432 crore) through digital wallets before converting them into cash. Alongside confiscation of assets, Sahni will be deported after serving his sentence. Once known for his extravagant lifestyle, Sahni’s downfall marks a high-profile crackdown on money laundering in Dubai.
HSBC Faces $4.2M Fine in Hong Kong and Scrutiny Over Swiss Unit’s AML Failures
HSBC has been fined HK$4.2 million ($537,683) by Hong Kong regulators for failing to disclose investment banking ties in over 4,200 research notes between 2013 and 2021. While the bank self-reported the lapse and no client losses were found, regulators cited weak data mapping and control failures. At the same time, HSBC’s Swiss unit is cutting ties with over 1,000 wealthy Middle Eastern clients following a Finma probe that uncovered money-laundering risks in transactions worth $300 million from 2002 to 2015. Finma has barred the bank from onboarding new politically exposed persons until a full review is complete, while French and Swiss authorities continue investigating historic money-laundering breaches.
CBCG Fines Adriatic Bank €3.6M Over AML Breaches Amid Ongoing Dispute
The Central Bank of Montenegro (CBCG) has fined Adriatic Bank €3.6 million for violations of anti-money laundering and counter-terrorist financing laws, a penalty now under litigation. The dispute follows a December 2024 investigation in which prosecutors seized €1.5 million from client Pavel Mitrofanov over suspected criminal proceeds. Auditors noted multiple compliance failures, including lapses in reporting, payment service disclosures, and fee transparency. Despite the fine and corrective measures, Adriatic Bank reported a €13 million profit in 2024, maintains a 6.86% market share, and continues to hold over €100 million in Montenegrin government bonds. The bank, owned by Russian-Canadian businessman Alex Schneider, says it is cooperating with authorities and has hired compliance experts from KPMG and Kroll to strengthen controls.
DNB Fines bunq €2.6M for Serious AML Control Failures
De Nederlandsche Bank (DNB) has imposed a €2.6 million fine on bunq B.V. for failing to conduct adequate customer due diligence and transaction monitoring between January 2021 and May 2022. Regulators found that bunq did not sufficiently follow up on suspicious alerts in four high-risk customer files, leaving potential money laundering signals undetected or delayed. The fine follows repeated findings of non-compliance with the Dutch Anti-Money Laundering and Anti-Terrorist Financing Act (Wwft) since 2018, despite earlier enforcement actions. While bunq has since implemented a remedial programme, DNB deemed the violations severe and culpable. The bank has lodged an objection, with the case still pending.
Poland Fines ING Bank Śląski 18.4M Zloty for Data Privacy Breaches
Poland’s Personal Data Protection Office (UODO) has fined ING Bank Śląski 18.4 million zloty (€4.3 million) for unlawfully scanning and storing customer identity cards between April 2019 and September 2020, marking the second-largest data protection penalty in the country. The regulator found that ING, majority-owned by the Dutch ING Group, went beyond requirements of Poland’s AML Act by scanning IDs even in cases unrelated to anti-money laundering obligations, such as customer complaints. ING has since limited the practice to onboarding and client data changes but plans to appeal the fine, arguing it acted to comply with AML rules. With over 4.7 million customers, the bank faces heightened scrutiny as UODO stresses that mass data processing requires stronger safeguards.
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- #FinancialCrime
- #Compliance
- #RegulatoryEnforcement
- #FINTRAC
- #BCLC
- #Dubai
- #HSBC
- #FINMA
- #Montenegro
- #CBCG
- #AdriaticBank
- #Netherlands
- #DNB
- #bunq
- #Poland
- #UODO
- #INGBankSlaski
- #GDPR
- #DataPrivacy
