Coinbase fined US$50m in New York for CDD, transaction monitoring & reporting failures; ordered to invest US$50m in AML remediation

Cryptocurrency trading platform Coinbase has been ordered to pay US$50 million for "serious deficiencies" in its Bank Secrecy Act/Anti-Money Laundering compliance around customer due diligence, transaction monitoring, suspicious activity reporting and sanctions screening after an examination by the New York Department of Financial Services, covering 1 July 2018 to 31 December 2019, and a follow-up investigation.

Cryptocurrency trading platform Coinbase has been ordered to pay US$50 million for "serious deficiencies" in its Bank Secrecy Act/Anti-Money Laundering compliance around customer due diligence (CDD), transaction monitoring, suspicious activity reporting and sanctions screening after an examination by the New York Department of Financial Services (DFS), covering 1 July 2018 to 31 December 2019, and a follow-up investigation.