The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) has imposed a financial penalty of $486,000on Pyypl Ltd (Pyypl), a licensed money service provider operating in ADGM, due to inadequate compliance with applicable Anti-Money Laundering (AML) requirements and acting outside the scope of its financial services permission. because, during the period from March 2021 to November 2022, Pyypl's compliance with applicable Anti-Money Laundering (AML) requirements was inadequate and it acted outside the scope of its Financial Services Permission. The FSRA found that during the period from March 2021 to November 2022 Pyypl failed to establish and maintain adequate AML systems and controls to ensure full compliance with its AML obligations. Pyypl specifically failed to ensure that its AML business risk-assessment was up to date and adequately identify the assessed money laundering risks to which its business was exposed.