Abu Dhabi Regulator Fines Hayvn Group $12.45 Million for AML Violations

The Abu Dhabi Financial Services Regulatory Authority (FSRA) has imposed a hefty $12.45 million penalty on cryptocurrency trading company Hayvn Group, following an investigation into their inadequate anti-money laundering (AML) controls. The FSRA uncovered that Hayvn, along with its former CEO Christopher Flinos, conducted client transactions through the unlicensed entity AC Holding since 2018, lacking essential AML safeguards. 200 fake documents were discovered to have been provided by AC Holding to banking partners and Flinos was found repeatedly providing false information during FSRA inquiries.