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ADGM's Financial Services Regulatory Authority imposes a financial penalty of USD 486,000 on Pyypl Ltd for inadequate Anti-Money Laundering controls

The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) has imposed a financial penalty of USD 486,000 (AED 1,784,835) on Pyypl Ltd (Pyypl), a licensed money service provider operating in ADGM, because, during the period from
Abu Dhabi Abuz Aby United Arab Emirates Emmanuel Givanakis Financial Services Permission Financial Services Regulatory Authority

Emirates News Agency - ADGM fines money service provider for inadequate AML controls

ABU DHABI, 4th October, 2023 (WAM) -- The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) 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 companyโ€™s compliance with applicable Anti-Money Laundering (AML) requirements was inadequate and it acted outside the scope of its Financial Services Permission.The FSRA found that the money s...
Abu Dhabi Abuz Aby United Arab Emirates Emmanuel Givanakis Financial Services Regulatory Authority Financial Services Permission
Source: wam.ae

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