Central Bank of Ireland Fines Coinbase $24.6M for Anti-Money Laundering Failures

The Central Bank of Ireland fined Coinbase Europe €21.4 million ($24.6M) for breaching its anti-money laundering (AML) and counter terrorist financing transaction monitoring obligations between 2021 and 2025. The fine resulted from configuration faults in Coinbase Europe's transaction monitoring system, which left over 30 million transactions, valued at more than €176 billion ($203bn), unmonitored for a year. It took Coinbase nearly three years to complete monitoring of these impacted transactions, leading to the submission of 2,708 Suspicious Transaction Reports (STRs) related to serious criminal activities like money laundering and fraud. The Central Bank's deputy governor emphasized that such failures create opportunities for criminals to evade detection. Coinbase Europe admitted the contraventions and agreed to the facts, receiving a 30% settlement discount. The article also notes that Coinbase moved its regulatory base from Ireland to Luxembourg in June of this year.

(Source：CoinDesk)