Abu Dhabi Regulator Imposes $12.45 Million Fine on Hayvn Group for AML Failures

According to BlockBeats, Abu Dhabi's regulatory authorities have fined cryptocurrency trading company Hayvn Group $12.45 million for failing to establish effective anti-money laundering (AML) controls. Since October 2018, the company and its former CEO, Christopher Flinos, have been conducting client transactions through AC Holding, an unlicensed special purpose entity, with minimal AML measures in place. Emmanuel Givanakis, CEO of the Abu Dhabi Financial Services Regulatory Authority (FSRA), described these actions as "particularly serious" following the conclusion of the investigation by his team. Investigators discovered that AC Holding provided over 200 forged documents to banking partners, and Flinos repeatedly supplied false information during inquiries by the regulatory body. The regulatory authority has imposed fines totaling $8.85 million on several related entities, while the Registration Authority has levied an additional $3.61 million fine on Flinos.