Anti Money Laundering News (13 Oct – 19 Oct 2025)
Welcome to this week’s edition of the Global AML News Weekly Digest. Here are the top stories making headlines around the world:
Enforcement Directorate (ED) attaches crypto assets worth ₹2,385 crore in OctaFX Ponzi scam
The Enforcement Directorate has issued a provisional attachment under the Prevention of Money Laundering Act (PMLA) of cryptocurrency assets valued at approximately ₹2,385 crore in connection with the OctaFX forex-trading and crypto-asset scheme. OctaFX is alleged to have defrauded Indian investors of around ₹1,875 crore between July 2022 and April 2023 by presenting itself as a legitimate online trading platform without approval from the Reserve Bank of India. Investigations reveal a cross-border network with operations in Spain, Estonia, Russia, UAE, Singapore, and other jurisdictions, used to launder funds through dummy entities, bogus exports, and layered transfers. Prior to this, the ED had attached assets worth about ₹2,681 crore including immovable properties and a luxury yacht in Spain owned by the alleged mastermind Pavel Prozorov, who was recently arrested there. This case highlights the regulatory focus on digital assets and cross-border fraud, showing the authorities’ willingness to act decisively in the crypto and forex sectors.
Central Bank of Iraq fines banks for violating prudential norms and legislation
The Central Bank of Iraq, along with its supervisory bodies, conducted several meetings in September to review licensing, registration, and compliance issues within the banking sector. During these meetings, 43 matters were addressed, including board appointments, charter amendments, and financial condition reviews focusing on prudential regulations, anti-money laundering (AML) compliance, and counter-terrorism financing (CTF). Seven banks and thirteen payment organisations received warnings for potential sanctions due to violations, and eight banks were fined for breaches related to prudential norms, AML/CTF regulations, and legislation governing client relations. This enforcement underscores Iraq’s commitment to strengthening financial sector compliance and maintaining stability in a challenging regulatory environment.
FSCA fines Sanlam unit in South Africa R10.6 million for AML failures
South Africa’s Financial Sector Conduct Authority (FSCA) imposed a R10.6 million fine on Sanlam Collective Investments (SCI) for failing to comply with the Financial Intelligence Centre Act. Although SCI had a risk-management and compliance programme in place, the FSCA found that it was ineffectively implemented, particularly regarding client risk ratings, enhanced due diligence for high-risk clients including politically exposed persons, verification of beneficial owners, and ongoing monitoring. Part of the fine, R3.6 million, was suspended contingent on remedial measures and ongoing compliance over two years. The case signals regulators’ expectations that investment managers not only document compliance frameworks but also implement them effectively to prevent financial crime.
Central Bank of Uzbekistan fines banks for violating prudential norms and legislation
In Uzbekistan, the Central Bank’s supervisory committee reviewed licensing, registration, and financial condition issues for credit institutions and payment organisations in September. During these reviews, multiple entities received warnings, and eight banks were fined for violations of prudential regulations, AML/CTF requirements, counter-proliferation measures, and client-relation legislation. These fines reflect the Uzbek regulator’s increasing emphasis on enforcement and compliance, particularly in AML and licensing governance, signaling that financial institutions must maintain robust controls and adhere strictly to regulatory norms.
ATG AB fine for AML breaches halved to SEK 3 million after appeal
In Sweden, the Administrative Court of Appeal upheld findings that ATG AB violated the Money Laundering Act by inadequately conducting customer due diligence, particularly for high-value gamblers. The original SEK 6 million fine was reduced to SEK 3 million, with the court noting that the breaches were serious but not systematic. Failings included insufficient verification of income, poor record-keeping, inadequate risk classification, and delayed responses to high-risk indicators. ATG has since strengthened its procedures with enhanced KYC protocols, monitoring tools, and internal controls. The case illustrates that AML enforcement in the gambling sector is taken seriously, while also highlighting that penalties may be adjusted based on the scale and nature of the breach.
First Nations Bank of Canada fined for lapses in AML compliance
Canada’s FINTRAC imposed a CAD $601,139.80 penalty on First Nations Bank of Canada for five violations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. The bank failed to submit suspicious transaction reports in a significant number of cases, lacked up-to-date compliance policies approved by senior officers, and did not adequately conduct risk assessments or monitor high-risk clients. Following the penalty, the bank updated its compliance policies, hired a new chief compliance officer, and engaged AML experts. This case underscores that AML compliance failures are closely monitored even in regional banking institutions in developed economies, emphasizing the need for rigorous monitoring, documentation, and reporting systems.
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