Newsletter (03 Mar – 09 Mar 2025)
Welcome to this week’s edition of the Global AML News Weekly Digest. Here are the top stories making headlines around the world:
Aspire Global to Pay $1.78 Million in UKGC Regulatory Settlement
AG Communications Limited, trading as Aspire Global, has agreed to a regulatory settlement of £1.4 million ($1.78 million) with the UK Gambling Commission (UKGC). The penalty follows an investigation into social responsibility and anti-money laundering (AML) failures across the operator’s 58 gambling websites. The UKGC found inadequate safeguards to prevent problem gambling and improper financial monitoring. The settlement funds will be directed toward socially responsible causes.
FIU-IND Imposes ₹5.45 Crore Penalty on Paytm Payments Bank for AML Lapses
The Financial Intelligence Unit of India (FIU-IND) has fined Paytm Payments Bank Ltd (PPBL) ₹5.45 crore for failing to report suspicious transactions linked to money laundering. Law enforcement agencies raised concerns about illicit activities conducted via PPBL accounts, including online gambling. FIU-IND’s scrutiny led to a Show Cause Notice for AML, CFT, and KYC violations, particularly regarding payout services and beneficiary account rules.
Robinhood Pays $29.75 Million to Resolve US Regulatory Probes
Online trading platform Robinhood Markets has agreed to pay $29.75 million to settle Financial Industry Regulatory Authority (FINRA) investigations. FINRA found the company violated multiple rules, including failure to implement robust AML programs, missing suspicious transactions, and failing to supervise social media influencers promoting its services. The settlement includes a $26 million civil fine and $3.75 million in customer restitution.
South Korea Tightens AML Laws to Combat Crypto Fraud
The South Korean government has launched a crackdown on cryptocurrency-related financial crimes by strengthening AML regulations. The Financial Intelligence Unit (FIU) has organized a high-level AML Inspection Trustee Council meeting, bringing together 11 oversight bodies, including the Financial Supervisory Service and the Ministry of the Interior and Safety. Authorities are focusing on detecting new laundering methods involving virtual accounts and remittance services.
US Seizes Garantex in Major Cryptocurrency Money Laundering Bust
The US Justice Department has seized the online infrastructure of Garantex, a major cryptocurrency exchange linked to multi-billion-dollar money laundering operations and sanctions violations. Law enforcement agencies from Europe assisted in taking down the exchange’s domain names, disrupting its services to ransomware groups and transnational criminal organizations. Additionally, the DOJ unsealed indictments against Lithuanian Aleksej Besciokov and Russian Aleksandr Mira Serda for money laundering and operating an unlicensed money-transmitting business.
Adeleke Petitions EFCC Over Alleged $20M, N1.5Bn Fraud in Osun State
The Osun State Government has filed a petition with the Economic and Financial Crimes Commission (EFCC) to investigate former Governor Gboyega Oyetola over allegations of financial misconduct and money laundering. The allegations concern a $20 million World Bank health grant intended for primary healthcare improvements. According to the petition, the funds were misappropriated during Oyetola’s administration, raising concerns about procurement violations and financial irregularities.
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