FCC Flash

On October 4, 2023, Pyypl Ltd (Pyypl), a licensed money service provider, was fined $486,000 by the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM) for AML violations and unauthorized insurance intermediation that occurred between March 2021 and November 2022.

To know more, click here https://www.fcctimes.com/2023/10/05/adgm-regulator-fines-pyypl-ltd-486000-for-aml-failures-and-unauthorized-activities/

The FSRA discovered multiple AML deficiencies, including outdated risk assessments, insufficient customer due diligence, and ineffective AML policies. Between May 2021 and November 2022, Pyypl allowed customers to purchase insurance contracts from a third-party provider through its app, engaging in insurance intermediation without proper authorization.

Pyypl accepted the FSRA’s findings and agreed to a settlement with a 20% discount on the financial penalty. Without this agreement, the FSRA would have imposed a financial penalty of $607,500.