Coinbase has paid a €21.5 million fine in Ireland following monitoring errors related to anti-money laundering (AML) compliance. The company identified “critical” technical issues that left suspicious transactions unscreened, prompting regulatory action.
In response, Coinbase has re-screened the affected transactions and filed Suspicious Transaction Reports (STRs) as required. Additionally, the company has upgraded its systems and enhanced oversight procedures to prevent similar lapses in the future.
This development comes amid increased AML scrutiny from EU regulators, who have been tightening compliance standards across the cryptocurrency sector. Meanwhile, Coinbase is positioning its Dublin hub strategically to comply with the upcoming Markets in Crypto-Assets (MiCA) regulation, aiming to strengthen its presence in the European market.
The full story originally appeared on Cryptonews under the title: “Coinbase Hit With $24.7M Fine After ‘Critical’ Tech Errors Left Suspicious Transactions Unscreened.”
https://cryptonews.com/news/coinbase-fined-24m-aml-failure/
