Coinbase Europe Fined €21.5M for AML System Failures

[nihalsari]

Coinbase Europe has reached a €21.5 million ($24.7M) settlement with the Central Bank of Ireland over technical failures in its transaction monitoring system between 2021 and 2022.

The errors caused the internal compliance software to partially screen some transactions, prompting Coinbase to file ~2,700 suspicious transaction reports totaling $15M. The company says these filings did not confirm illicit activity.

Coinbase has since enhanced its AML systems to prevent similar issues.

#Coinbase #AML #CryptoRegulation #Compliance

[EmTeam]

AML is non-negotiable in Europe — Coinbase learned it the hard way.

[Rimon Khan]

€21.5M hurts, but it’s cheaper than losing market access.