Fuze Receives Fine from VARA Following AML Failure

The Dubai Virtual Assets Regulatory Authority (VARA) has issued a penalty against Morpheus Software Technology FZE, better known as Fuze. The company’s failure in its Anti-Money Laundering (AML) program resulted in the issuance of the fine. VARA identified failures in several areas including governance, compliance, and internal systems and controls. Additionally, Fuze was found to be conducting unlicensed financial activity and failing to disclose these actions to VARA.