Malta’s Financial Intelligence Analysis Unit has levied a €1.1 million fine against cryptocurrency exchange OKX’s local subsidiary for significant breaches of anti-money laundering regulations. The penalty follows an onsite compliance examination conducted in April 2023, which uncovered several failures deemed “serious and systematic” by the FIAU.
The FIAU’s investigation revealed that OKX’s business risk assessment failed to adequately evaluate potential money laundering risks associated with the products it offered. This deficiency impaired the company’s ability to implement effective measures to mitigate such risks.
In response to the FIAU’s findings, OKX has reportedly taken steps to address the identified shortcomings. The company has implemented remedial measures to enhance its AML compliance framework, aiming to prevent future violations.
Arabian Post – Crypto News Network
