Saudi Arabia introduces beneficial reporting, effective April 3, 2025
On April 3, 2025, Saudi Arabia implemented new Ultimate Beneficial Ownership (UBO) Rules, marking a landmark move toward enhancing corporate transparency and aligning with international standards. These regulations require most companies operating within the Kingdom to disclose their ultimate beneficial owners to the Ministry of Commerce. The primary objectives are to prevent financial crimes such as money laundering and tax evasion, and to foster a more transparent business environment.
HSBC accused of turning blind eye to hundreds of millions of dollars syphoned out of Lebanese central bank
In recent years, HSBC’s Swiss private banking division has faced serious accusations of failing to prevent money laundering activities linked to the channelizing of hundreds of millions of dollars from Lebanon’s central bank, Banque du Liban (BDL). These accusations have drawn consequential attention from financial regulators and the international community, underscoring potential lapses in HSBC’s internal controls and compliance mechanisms.
FATF Global Network Secretariat retreat launched in Abu Dhabi
The Financial Action Task Force (FATF) Global Network Secretariat Retreat (GNSR) commenced on April 7, 2025, in Abu Dhabi, United Arab Emirates (UAE). Organized by the UAE National Anti-Money Laundering and Combating Financing of Terrorism and Financing of Illegal Organizations Committee, this inaugural global event spanned three days and brought together senior officials from the nine FATF-Style Regional Bodies (FSRBs) along with the FATF Secretariat.
Lithuania fines Revolut 3.5 million euros for money-laundering prevention failures
On April 8, 2025, the Bank of Lithuania imposed a €3.5 million fine on Revolut Bank UAB, citing noteworthy shortcomings in the fintech company’s anti-money laundering (AML) controls. This penalty, the largest ever issued by Lithuania’s central bank, highlighted the multitude of regulatory scrutiny faced by digital financial institutions operating within the European Union.
Dutch Rabobank to face court case over failure to stop money laundering
Dutch banking giant Rabobank is set to face a court case over allegations that it failed to combat and mitigate money laundering activities, marking a momentous development in the Netherlands’ continuous efforts to prevent financial crime. The case highlighted the increasing scrutiny on financial institutions to uphold robust anti-money laundering (AML) standards.
CBUAE Imposes Financial Sanction on a Bank Operating in the UAE
In a denotative regulatory move, the Central Bank of the UAE (CBUAE) has levied a financial sanction on a bank operating within the country. The sanction referred to the deficiencies identified in the bank’s Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) policies and procedures.
ADGM’s FSRA Imposes Fines of USD 8.85 Million on Hayvn Group, Cancels License of AC Limited (Hayvn ADGM), and Bans Founder Christopher Flinos
In a landmark regulatory action, the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM) has levied a substantial fine of USD 8.85 million on the Hayvn Group, a famous digital asset company operating in the UAE. Additionally, the FSRA has canceled the license of AC Limited, the entity operating under the Hayvn brand within ADGM, and has banned its founder, Christopher Flinos, from holding any directorship or senior management position in any ADGM-registered entity.
ADGM’S RA Imposes Fines of USD 3.6 Million on Special Purpose Vehicle AC Holding and Christopher Flinos, Bans Him as a Director
In a significant enforcement action, the Abu Dhabi Global Market (ADGM) Registration Authority (RA) has levied a substantial financial penalty of USD 3.6 million on AC Holding Limited (AC Holding), a Special Purpose Vehicle (SPV), and its sole shareholder and director, Christopher Flinos. This penalty underscores ADGM’s commitment to maintaining the integrity and regulatory standards of its financial ecosystem.
