Skip to content 
[ad_1]
Cash switch large Smart was ordered by European regulators to place in place a proper remediation plan over points with its anti-money laundering controls, in response to the Monetary Occasions.
Editorial
This content material has been chosen, created and edited by the Finextra editorial workforce based mostly upon its relevance and curiosity to our neighborhood.
In early 2022, a evaluation by the Nationwide Financial institution of Belgium concluded that the fintech didn’t have proof of deal with for a whole bunch of 1000’s of consumers, says the FT, citing a number of sources.
The corporate was instructed to place collectively a remediation plan requiring it to write down to those clients inside weeks requesting proof of deal with. If paperwork weren’t offered in time, Smart was required to freeze accounts.
In a press release to the FT, Smart says: “We labored carefully with our regulator in Belgium and have absolutely applied their suggestions.”
The agency has additionally fallen foul of cash laundering guidelines in different jurisdictions: In 2022 it was hit with a $360,000 fine by Abud Dhabi’s monetary regulator for failing to “set up and keep sufficient AML methods and controls to make sure full compliance with its AML obligations”.
Source link
#Smart #entered #European #remediation #plan #AML #controls
[ad_2]
