Anti Money Laundering News (14 Apr – 20 Apr 2025)
Welcome to this week’s edition of the Global AML News Weekly Digest. Here are the top stories making headlines around the world:
MAS Proposes Key Updates to AML/CFT Rules for Financial Institutions and VCCs
On 8 April 2025, the Monetary Authority of Singapore (MAS) released a consultation paper on proposed amendments to its AML/CFT notices and guidelines for financial institutions (FIs) and variable capital companies (VCCs). The updates, open for feedback until 8 May 2025 and set to take effect from 30 June 2025, aim to align Singapore’s regulatory framework with evolving FATF standards and international expectations. Key changes include the formal inclusion of proliferation financing (PF) risks in ML/TF risk assessments, revised definitions and reporting requirements under MAS Notice TCA-N03 for trust companies, clarified timelines for suspicious transaction report (STR) filings, and refined supervisory expectations around high-risk transactions, screening, and beneficial ownership.
Kenya Passes Tougher AML Law to Exit FATF Grey List
In a decisive move to restore its financial credibility, Kenya’s National Assembly has passed the Proceeds of Crime and Anti-Money Laundering (Amendment) Bill, 2023. The legislation comes in response to the country’s grey listing by the Financial Action Task Force (FATF) in February 2024 for deficiencies in combating money laundering and terrorism financing. The revised law enhances regulatory oversight, strengthens the Financial Reporting Centre’s (FRC) powers, mandates stricter reporting of suspicious transactions, and introduces tougher penalties and clearer asset recovery procedures. It also aligns Kenya with ESAAMLG recommendations, with lawmakers warning that failure to act could result in financial isolation. The bill now awaits presidential assent as Kenya seeks to meet FATF compliance benchmarks.
Binance Mandates KYC Re-Verification for All Indian Users
Binance has announced a mandatory Know Your Customer (KYC) re-verification process for all Indian users—both new and existing—to enhance security and align with India’s anti-money laundering (AML) framework. Registered with the Financial Intelligence Unit (FIU), Binance now requires users to submit their Permanent Account Number (PAN) during verification, in line with national regulatory standards. The move reflects a broader compliance initiative affecting all crypto exchanges operating in India. Binance assured users that their personal data will be securely handled and used only as needed. The exchange has issued email instructions to guide users through the process, signaling tighter regulatory oversight in the evolving Indian crypto landscape.
ADGM’s FSRA Fines HAYVN Group USD 8.85 Million, Cancels Licence, and Bans Founder
The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) has imposed a total of USD 8.85 million in fines on the HAYVN Group and associated entities following an investigation into serious regulatory breaches. The FSRA also cancelled the financial services licence of AC Limited (Hayvn ADGM) and imposed a lifetime ban on its former CEO and founder, Christopher Flinos, from holding any financial role within ADGM.
The investigation revealed that Hayvn ADGM allowed client transactions through an unregulated SPV (AC Holding), violated anti-money laundering (AML) rules, and operated beyond the permitted scope of its licence. Additionally, Hayvn Cayman and AC Holding conducted unlicensed virtual asset services in ADGM, and over 200 falsified documents were created under Flinos’ direction to mislead banks and regulators. The FSRA emphasized that no client funds were lost but highlighted significant misconduct undermining ADGM’s regulatory framework.
Costa Rican Bank Under Investigation for $100M Cross-Border Money Laundering Scheme
Authorities in Costa Rica and Panama have launched a joint investigation into a Costa Rican bank suspected of facilitating over $100 million in undocumented transactions between March 2023 and December 2024. The probe, initially triggered by a $10 million tax evasion case, has expanded to uncover a network of companies allegedly controlled by a Costa Rican businessman, linking the bank to potential international money laundering and tax fraud.
Reports highlight unexplained large transfers between accounts in the bank’s Panamanian operations, prompting concern from anti-money laundering authorities in both countries. While speculation has named Banco BCT as the institution in question, officials have not confirmed the bank’s identity as the investigation remains active.
This case comes amid Costa Rica’s enhanced efforts against financial crimes—marked by its January 2025 removal from the EU’s non-cooperative tax jurisdiction list—and highlights ongoing regulatory gaps in Panama, which remains on the EU tax blacklist despite leaving the FATF grey list last year. Further revelations are anticipated as the cross-border investigation deepens.
MGM Resorts Agrees to $8.5 Million Anti-Money Laundering Fine Amid Bookmaker Scandal
MGM Resorts has agreed to pay an $8.5 million fine to Nevada regulators following violations of anti-money laundering (AML) regulations at its MGM Grand and Cosmopolitan casinos. The violations stem from illegal gambling activities linked to bookmakers Wayne Nix and Mathew Bowyer, which occurred between 2015 and 2019. Despite knowing about the bookmakers’ illicit operations, MGM failed to report suspicious activities, violating AML protocols.
This settlement follows a similar $7.45 million fine MGM paid in January as part of a federal non-prosecution agreement. The investigation revealed that MGM’s employees, including executives like Scott Sibella, allowed the bookmakers to continue gambling at MGM properties, including unreported cash transactions.
The settlement, which also includes remedial measures for MGM properties, comes after a series of high-profile AML violations in the Las Vegas casino industry, highlighting the growing scrutiny of money laundering practices. The Nevada Gaming Commission will make a final ruling on the settlement later this month.
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