Anti Money Laundering News (02 Jun – 08 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:
Canada Bans Large Cash Payments and Hikes AML Fines Ahead of FATF Review
As Canada braces for a crucial evaluation by the Financial Action Task Force (FATF) this fall, the federal government has introduced sweeping anti-money laundering (AML) reforms. A key provision bans cash transactions over $10,000—except through financial institutions—to disrupt money laundering tactics like placement. The new legislation also dramatically increases penalties, with individuals facing fines up to $4 million and entities up to $20 million. These changes come amid growing U.S. pressure and follow record enforcement actions by FinTRAC, including a $9.2 million fine on TD Bank. Legal experts say swift implementation will be essential for a positive FATF outcome.
EU Considers Adding Russia to Money Laundering Grey List Amid Broad Political Support
The European Union is moving toward placing Russia on its anti-money laundering “grey list”—a designation that signals weak financial crime controls and triggers stricter due diligence for financial institutions. While the European Commission delayed the decision for procedural reasons, adoption is expected next week with strong support from lawmakers. This marks a potential shift from the EU’s traditional reliance on the FATF list, which has suspended Russia but not grey-listed it. Lawmakers argue for independent EU assessments to reflect geopolitical and enforcement realities. The updated list may also include countries like Kenya and Venezuela, while excluding jurisdictions such as the UAE and Gibraltar remains politically contested due to internal EU divisions.
Swedish Court Overturns €9.1M Fine on Svenska Spel; Regulator Hits Others for AML Failures
A Swedish administrative court has annulled the SEK100 million (€9.1 million) fine imposed on Svenska Spel Sport & Casino over alleged duty of care breaches related to excessive gambling controls. The court sided with the operator, which argued the penalty was disproportionate and regulations lacked clarity. Meanwhile, Sweden’s gambling regulator Spelinspektionen issued SEK19 million in fines to Betsson Nordic, Snabbare, and TSG Interactive for anti-money laundering violations—citing failures to investigate customer deposits that exceeded declared incomes. Spelinspektionen may appeal the court’s ruling in the Svenska Spel case.
Star Entertainment Faces Collapse as AUSTRAC Seeks Record $400M AML Fine
Australia’s financial intelligence agency AUSTRAC has urged a federal court to impose a record AU$400 million (US$260 million) fine on Star Entertainment for systemic anti-money laundering failures, including ties to organized crime and junket operators. Despite receiving a AU$300 million bailout in April, Star warns that even a AU$100 million penalty could threaten its survival. The casino is accused of enabling AU$900 million in disguised transactions via China UnionPay, operating hidden VIP rooms, and providing a massive credit line to notorious junket operator Alvin Chau—now imprisoned for criminal association. AUSTRAC argues the scale of violations warrants a penalty far exceeding previous cases.
PokerStars Fined $734K in Sweden for Serious AML Failures Involving Young High-Risk Gamblers
The Swedish gambling regulator, Spelinspektionen, has fined TSG Interactive, the Flutter-owned operator of PokerStars, SEK 7 million ($734,000) for systemic anti-money laundering (AML) failures in 2023. The investigation revealed that the company failed to conduct proper due diligence on high-risk customers—mostly young individuals making unusually large deposits. In nine out of ten sampled cases, TSG failed to verify the source of funds or delayed documentation, despite red flags. The regulator criticized TSG’s internal thresholds as too high and rejected claims that winnings-based deposits needed no further checks. The fine underscores Sweden’s intensified crackdown on weak AML compliance in the gambling sector.
UAE Central Bank Fines Exchange House Dh3.5M in Ongoing AML Crackdown
The UAE Central Bank has imposed a fine of Dh3.5 million ($953,000) on an unnamed exchange house for violating anti-money laundering and counter-terrorism financing (AML/CFT) laws, reinforcing its intensified push to clean up the financial sector. The penalty follows a recent wave of enforcement actions, including a Dh100 million and Dh200 million fine on other exchange houses, and Dh18.1 million against two foreign bank branches. Regulators also fined a branch manager Dh500,000 and banned them from future employment in licensed UAE financial institutions.
These actions align with the UAE’s 2024–2027 National AML/CFT Strategy, which outlines 11 key goals to strengthen compliance, bolster regulatory reform, and maintain global financial integrity. The Central Bank reaffirmed its commitment to ensuring all financial entities—local and foreign—comply with stringent AML/CFT standards to protect the UAE’s financial system.
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