Money laundering: Gibraltar fines WaveCrest over poor AML, compliance officer restricted
17 Dec 2018

E-money firm WaveCrest has been fined $250,000 by Gibraltar’s Financial Services Commission (GFSC) over anti-money laundering (AML) and counter terror finance (CFT) failings.

As part of a settlement deal reached over the breaches, WaveCrest will not take on any new business until further notice by the GFSC.

“In several respects its AML/ CFT systems and controls during at least part of the period of 1 January 2017 to May 2018, fell below the standard expected of it for regulatory purposes,” the GFSC stated.

Also mentioned in the settlement notice was WaveCrest’s former compliance officer, who went on to work as its Money Laundering Regulatory Officer (MLRO) as from 2013 until March 2018.

“[He] will seek approval from the GFSC for any notifiable position in any financial services business authorised by the GFSC in Gibraltar, unless and until he has undertaken a programme of continued professional development in relation to AML/ CFT functions, duties and responsibilities of such a position,” the announcement said.

The GFSC said it has not made any ‘adverse findings’ regarding the ex-compliance officer. It declined to give details about the AML/CFT breaches.

Efforts to obtain a comment from WaveCrest, its CEO and former compliance officer were unsuccessful.

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