OKX, the crypto exchange that thinks it’s above the law, has just been given a stellar $1.2 million fine by Malta’s Financial Intelligence Unit (FIAU) for some old AML violations from 2023. 🤯
MiCA License Can’t Save You from Past Mistakes
While OKX has finally improved its AML policies, the FIAU couldn’t just wave its hand and say, “Oops, sorry!” The fine comes despite OKX’s recent compliance upgrades. 😅
Details of the Blunders
According to the FIAU, OKX failed to properly assess its business risks and couldn’t establish adequate customer profiles. It also inadequately monitored customer activity and failed to report suspicious transactions. 😂
“Specifically, the Committee expressed greater concerns pertaining to the Company’s past failure to undertake an adequate assessment of the ML/FT risks emanating from its business and its customers…”
Even though OKX aimed to serve only European customers, the FIAU pointed out that the exchange still faced money laundering risks from other jurisdictions. 🤔
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2025-04-06 16:03