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Cryptocurrency exchange hit with €1 million fine by FIAU

Summary by Times of Malta

A cryptocurrency exchange has been hit with a €1 million fine for anti-money laundering breaches found during an FIAU inspection in 2023.In a public notice, the FIAU, Malta’s anti-money laundering watchdog, said OKCoin Europe had failed to properly scrutinise $20 million (€18 million) worth of transactions found in 80% of the customer files reviewed.OKCoin Europe...

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Times of Malta

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Cryptocurrency exchange hit with €1 million fine by FIAU

4 hours ago

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Coin Desk

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Crypto Exchange OKX Fined $1.2M by Malta for Breaching Money Laundering Rules

OKX's Europe company—also known as OKCoin Europe, a subsidiary of crypto exchange OKX—was fined 1.05 million euros ($1.2 million) by Malta's financial watchdog on Thursday for breaching the country's money laundering rules.The Financial Intelligence Analysis Unit (FIAU) said the company failed to assess the money laundering and financing of terrorism risks emanating from the products it offers and had violated parts of the country's Prevention o…

1 day ago·Manila, Philippines

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Tron Weekly Journal

Malta Regulator Fines OKX €1.1 Million Over AML Violations

FIAU imposes €1.1 million fine for OKX’s past AML deficiencies. OKCoin Europe now faces regulatory scrutiny after past violations. OKX has since improved its compliance measures, says FIAU. The Financial Intelligence Analysis Unit of Malta (FIAU) imposed a €1.1 million ($1.2 million) fine on OKCoin Europe for past violation of Anti-Money Laundering (AML) regulations. On April 3 the company received a €1.1 million ($1.2 million) fine because of d…

10 hours ago

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coinsurges.com

OKX Fined $1.2 Million by Malta’s FIAU for Anti-Money Laundering Failures - Coin Surges

Okcoin Europe Ltd, the European subsidiary of OKX Exchange, has been fined $1.2 million (€1.05 million) by Malta’s FIAU for anti-money laundering and compliance failures in 2023. The company has since taken corrective measures to address the deficiencies flagged in the review. Okcoin Europe Fined $1.2 Million by FIAU for Compliance Failures Malta’s Financial Intelligence […] Read Entire Article The post OKX Fined $1.2 Million by Malta’s FIAU for…

17 hours ago

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Bitcoin.com

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OKX Fined $1.2 Million by Malta’s FIAU for Anti-Money Laundering Failures – Crypto News Bitcoin News

17 hours ago

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Cayman News Service

New rules rolled out to regulate crypto assets - Cayman Islands Headline News

(CNS): Phase 2 of the new regulatory framework for virtual asset services such as crypto-currencies in the Cayman Islands came into effect this week with the implementation of several new pieces of legislation. These important technical amendments and new rules are being phased in to give impacted stakeholders time to become compliant with the prudential…

19 hours ago

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