Wise plc today confirmed that it was fined by the Abu Dhabi Global Market (ADGM)’s Financial Services Regulatory Authority (FSRA).

In August, the FSRA found that Wise’s UAE subsidiary Wise Nuqud’s Anti-money Laundering (AML) controls were not fully in line with the requirements of the jurisdiction and therefore issued a financial penalty of US$360,000.

No instances of money laundering were identified by Wise or by the FSRA. Wise has paid the penalty and has addressed all concerns identified by the regulator.

The update on this regulatory matter was issued as a part of Wise’s announcement of its unaudited results for the six months ended 30 September 2022.

In Q2 FY23 Wise supported 5.5 million active customers, a 40% increase on the 3.9 million in Q2 FY22. The company moved over £51 billion for customers globally in H1 FY23, 49% more than in H1 FY22. This led to a 55% increase in revenues to £397 million.

Total income for the first six months increased 63% to £416 million reflecting strong growth in active customers and an increase in total volumes. Adjusted EBITDA increased 52% to £92 million, representing a margin of 22%.

Profit before tax increased 173% to £51.3 million.