Crypto firm Hayvn Group has been fined $12.45 million by Abu Dhabi regulators for inadequate anti-money laundering measures. The violations included routing client transactions through AC Holding, an unlicensed entity, since 2018. Investigators discovered over 200 falsified documents related to AC Holding and noted that the firm's former CEO, Christopher Flinos, provided misleading information during inquiries. The total penalties include $8.85 million across various associated entities, with fines of $3.6 million against Hayvn Cayman, $3 million against Hayvn ADGM, $1.5 million against AC Holding, and $750,000 against Flinos. Furthermore, Flinos received an additional $3.61 million penalty, primarily for providing false information. The regulatory authority revoked Hayvn's operating license and banned Flinos from future directorships in the Abu Dhabi financial services sector. Despite the severity of the violations, regulators indicated that no client funds had gone missing during this six-year period of deficient oversight.

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