Abu Dhabi’s Financial Services Regulatory Authority (FSRA) found that Wise, an international money transfer firm that allows customers to wire funds across 80+ countries, “did not establish and maintain adequate AML systems and controls to ensure full compliance with its AML obligations”. In particular, Wise failed to identify and verify the source of funds and wealth from several high-risk customers, and only began carrying out checks above a high-value payment threshold after already establishing a business relationship with those customers. The company also did not consider nationality or business category as part of its risk-based assessment and due diligence checks.
The Problem
The Solution
Compliance Failure resulting in $360,000 fine.
The Financial Services Regulatory Authority (FSRA) found that Wise “did not establish and maintain adequate AML systems and controls to ensure full compliance with its AML obligations”.
Fraud.net Anti-Money Laundering Solution
Delivering integrated screening and monitoring capabilities across the customer lifecycle from onboarding to reporting.
- ID Verification
- Automated AML Screening & Monitoring
- Real-time AML Transaction Monitoring
- SAR Filings