Summary
- Vixio has recorded approximately €36 million in fines imposed on e-money and payment providers over the past 12 months.
- Enforcing anti-money laundering measures is becoming an increasingly difficult challenge for firms requiring expert assistance.
- The long-term success of businesses will rely on their ability to effectively manage these challenges.
Vixio, a company specializing in regulatory intelligence solutions, has released a new report revealing that from March 2024 to March 2025, European regulators imposed fines totaling €36 million due to various money-laundering deficiencies.
Vixio addresses AML-related penalties issued against gambling firms
Vixio's AML Outlook is designed to provide a comprehensive view of the challenges involved in complying with anti-money laundering (AML) requirements globally. The report also gives insights on how payments and gambling companies can avoid violating these regulations. With approximately 30 enforcement actions from European regulators related to AML and counter-terrorism financing (CTF) rules, Vixio aims to highlight its services that assist companies in avoiding these issues. Vixio has provided real-world examples of companies inadvertently breaching regulations. John Gidla, Vixio's Head of Payments Compliance, commented further on the topic: While AML compliance can be costly for payments firms, necessitating investment in transaction monitoring systems, customer due diligence (CDD) processes, and continuous staff training, the repercussions of non-compliance can be severe. Beyond financial penalties, failing to prevent money laundering can significantly harm a firm's reputation, leading to a loss of customers, partners, and investor confidence. A robust compliance framework is essential for maintaining trust and ensuring the long-term viability of a business. Vixio predicts that adherence to AML and CFT laws, along with Know Your Customer (KYC) procedures, will become increasingly critical, demanding companies to be prepared to tackle these challenges as they arise. In April, Vixio launched its Workspace to assist compliance teams in achieving their objectives. In March, Vixio received the Best RegTech Platform award at the FinTech Breakthrough Awards.
