Global Compliance Institute

CBUAE examinations found non‑compliance with UAE regulations, laws, and supervisory decisions, including obligations related to AML, CTF, and proliferation financing. As a result, the regulator has prohibited all Bank Melli Iran branches in the UAE from conducting any financial transactions to or from Iran, including trade finance and fund transfers.

The CBUAE emphasised that it will continue strengthening its supervisory framework and expects all supervised institutions to adhere to UAE regulations and international standards.

The UK Government has released its Anti‑Money Laundering and Asset Recovery Strategy 2026–2029 - a major shift toward intelligence‑led, technology‑enabled financial crime enforcement.

Backed by £550 million and more than 500 new enforcement specialists, the strategy signals a clear direction: stronger supervision, smarter intelligence, and a far more assertive approach to cryptoasset recovery and illicit finance.

The UK Government has announced new action to disrupt a major Russian sanctions‑evasion network known as A7, issuing the country’s first industry‑wide alert to help financial institutions identify and prevent illicit activity linked to the group.

Dubai’s Virtual Assets Regulatory Authority (VARA) has issued a formal Notice of Fines against Shelbit General Trading L.L.C, commercially known as Shelbit or Shelbit Exchange, following continued breaches of UAE virtual‑asset regulations.

The action follows an earlier cease‑and‑desist order issued on 2 January 2025, after VARA identified that Shelbit was operating as an unlicensed virtual‑asset service provider. Despite this enforcement action, VARA’s market‑wide monitoring found that Shelbit continued to:

FinCEN has announced a record USD 125 million civil penalty against UBS Financial Services Inc. for willful and repeated violations of the Bank Secrecy Act. This is the largest BSA penalty ever imposed on a broker‑dealer, reflecting what FinCEN described as recidivist non‑compliance.