Breaking news from the crypto Wild West! Okcoin Europe Ltd, aka the European wing of the OKX Exchange, got caught in a pickle with Malta’s Financial Intelligence Analysis Unit (FIAU). They’re paying the piper to the tune of $1.2 million (€1.05 million) for letting their anti-money laundering defenses take a nap in 2023. But fear not, they’ve rolled up their sleeves and fixed what needed fixing!
When Compliance Goes Rogue: Okcoin Europe’s $1.2M Fine Party courtesy of FIAU 🎂💸
It’s time for a compliance fail party, folks! Malta’s FIAU decided to crash Okcoin Europe’s shindig with a hefty $1.2 million (€1.05 million) fine. Why? Because a 2023 compliance review found out they were playing a little too fast and loose with their risk assessment procedures. 🎈❌
Peep the FIAU’s report for the nitty-gritty details. Turns out, there were some serious hiccups in money laundering risk assessments and transaction monitoring. But don’t worry, Okcoin Europe’s got their act together now. 🤝🧼
The audit was a real eye-opener. It showed that Okcoin Europe’s risk assessment skills were about as sharp as a bowling ball. They couldn’t properly evaluate the risks of money laundering and terrorist financing if it hit them in the face. And get this, almost half of the customer accounts didn’t have proper risk assessments, and around 80% of transactions, worth over $20 million, weren’t given the scrutiny they deserved. 😮💰
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One juicy example? A customer who went from zero to hero, depositing a whopping $1.8 million in just four months. Talk about a sudden interest in crypto! 🚀💰
But Okcoin Europe wasn’t exactly Sherlock Holmes when it came to investigating these transactions. They only froze the account in 2022 after failing to get the necessary paperwork. Better late than never, right? Since then, they’ve been working overtime to beef up their compliance game. 🛡️💼
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2025-04-05 00:02