The Central Bank of Ireland has fined Coinbase Europe €21.5 million ($24.7 million) for serious breaches of anti-money laundering (AML) and counter-terrorist financing regulations.
The sanctions follow an investigation that revealed that, since April 2021, a failure in the company's transaction monitoring system left more than 30 million transactions, valued at over €176 billion and representing 31% of its activity, unmonitored over a 12-month period.
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As a result, Coinbase Europe failed to file 2,708 suspicious transaction reports on time. The company admitted to the violations, which also included inadequate internal controls.
The fine, which is part of a settlement agreement, is pending formal confirmation by the High Court.