NEWS: AI-driven AFC firm WorkFusion appoints David Caruso as VP of Financial Crime Compliance

Regulatory Watch News

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  £2m fine for online operator Spreadex Limited

  Gambling Commission

  May 16, 2025

  A gambling business will pay a £2,022,000 penalty after a Gambling Commission investigation revealed Anti-Money Laundering (AML) and social responsibility failings.

  Spreadex Limited – which operates from Spreadex.com – will also have to undergo a third-party audit to ensure it is effectively implementing its anti-money laundering and safer gambling policies, procedures and controls. The failures were revealed during a compliance assessment in July 2023 and relate to the operator’s Gambling Commission licence to offer casino and fixed odds betting.

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  Senior Appointment at the Hong Kong Monetary Authority

  HKMA

  May 16, 2025

  The Hong Kong Monetary Authority (HKMA) announced today (16 May) that the Financial Secretary, on the advice of the Governance Sub-Committee of the Exchange Fund Advisory Committee, has approved the extension of Mr Howard Lee’s appointment as Deputy Chief Executive for two years beyond the normal retirement age, effective October 2025.  Mr Lee will continue to be responsible for reserves management, financial infrastructure and fintech development at the HKMA.  He is also an Executive Director of the Hong Kong Mortgage Corporation Limited.

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  Treasury Disrupts Financial Facilitation Network Supporting Hizballah Terrorists

  OFAC

  May 15, 2025

    WASHINGTON —Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) is targeting two senior Hizballah officials and two financial facilitators for their roles in coordinating financial transfers for Hizballah.  These individuals, based in Lebanon and Iran, work closely with Hizballah leadership to send money to the group from overseas donors.  These donations are a significant portion of the terrorist group’s overall budget.  In addition to managing and processing funding for Hizballah within Lebanon, one of these individuals is responsible for overseeing financial activity for Hizballah-aligned groups around the world.