UAE: ADGM fines money service provider for inadequate AML controls

The Financial Services Regulatory Authority of Abu Dhabi Global Market has imposed a financial penalty of US$486,000 (AED 1,784,835) on a licenced money service provider operating in ADGM, because, during the period from March 2021 to November 2022, the company’s compliance with applicable Anti-Money Laundering (AML) requirements was inadequate and…