Financial Crime Bulletin by WNS

From the WNS RegDesk

Global regulators are tightening oversight across AML, Sanctions Compliance, Digital Assets, and Cybersecurity.
AUSTRAC has initiated an external audit for suspected AML/CTF failures, and the Bank of Scotland has been fined for processing transactions involving a sanctioned individual.
The EU has centralized its AML/CFT supervision under AMLA, while the DFSA has overhauled its crypto token framework to enhance governance and investor protections.
Meanwhile, the G7 Cyber Expert Group has issued a roadmap urging early, coordinated preparation for the financial sector’s transition to post quantum cryptography.

Brief on Global Enforcement Actions

A snapshot of fines and penalties for AML/CTF failures worldwide, underscoring the need for vigilant and focused compliance.

AUSTRAC - Orders audit of Airwallex for suspected AML/CTF compliance failures

AUSTRAC has ordered an external audit of Airwallex over concerns that its Transaction Monitoring, Customer Due Diligence and Suspicious Matter Reporting systems may not meet AML/CTF requirements. The auditor must assess these controls within 180 days to help determine if further regulatory action is needed.

Imposition of monetary penalty: Bank of Scotland PLC

Bank of Scotland PLC has been fined £160,000 by the UK’s Office of Financial Sanctions Implementation (OFSI) for processing 24 transactions linked to a UK‑designated individual, breaching Russia sanctions regulations. The violations occurred in February 2023 after the bank’s screening systems failed to detect the sanctioned customer due to name‑variation discrepancies.

Jurisdictional Shifts You Can’t Ignore

Key regulatory updates specific to jurisdictions that are important for you to know.

EU - EBA and AMLA complete handover of AML/CFT mandates

The European Banking Authority (EBA) and the new EU Anti‑Money Laundering Authority (AMLA) have completed the transfer of all AML/CFT mandates as of 01st January 2026, marking a major milestone in the EU’s efforts to strengthen financial crime oversight. AMLA now becomes the central EU authority, inheriting EBA’s tools and supervisory responsibilities, while EBA continues addressing ML/TF risks through prudential regulation.

DFSA - Implements major updates to Crypto Token Regulatory Framework, enhancing market integrity and supporting innovation in DIFC

The Dubai Financial Services Authority (DFSA) has implemented major updates to its Crypto Token Regulatory Framework, shifting from regulator‑led to firm‑led token suitability assessments and removing the list of Recognised Crypto Tokens. The revised rules introduce enhanced investor safeguards, clearer conduct requirements, and proportionate reporting obligations to strengthen market integrity while supporting innovation in the Dubai International Financial Centre (DIFC).

AUSTRAC - Backs newly regulated sectors with release of AML/CTF program starter kits

AUSTRAC has released new AML/CTF program starter kits to help small businesses in newly regulated sectors—such as legal, accounting, real estate, conveyancing and jewellery—meet upcoming compliance obligations under the AML/CTF Act. The kits provide step-by-step guidance and practical tools to build scalable anti-money laundering programs, aiming to reduce the time, cost and complexity of compliance.

The Double-edged Sword of Technology

Emerging technologies and trends that both strengthen defenses against financial crime and introduce new vulnerabilities.

G7 Cyber Expert Group Releases Roadmap for Coordinating the Transition to Post-Quantum Cryptography in the Financial Sector

The G7 Cyber Expert Group has released a high-level, non-binding roadmap to help the financial sector transition to post-quantum cryptography, addressing risks posed by future quantum computers that could break current encryption. The roadmap outlines phased migration steps—such as preparation, risk assessment, and system upgrades—and encourages early planning, international coordination, and information sharing.

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