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NEWS: Payments fintech Wise fined $360K by UAE for series of AML due diligence failings, putting further pressure on the app

By AML Intelligence Correspondents

UK payments fintech Wise – formerly known as TransferWise – has been handed a $360,000 fine by the UAE for a series of AML due diligence failings.

The payments app only carried out enhanced due diligence on customers identified as high risk, the regulator in Abu Dhabi found.

It was also discovered that Wise did not consider customer nationality as part of its assessment of their potential risks.

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