Coinbase Reaches $100M Settlement Over Background Check Failures

Coinbase has been found to have violated anti-money laundering laws by failing to conduct adequate background checks. The company will pay a $50 million fine to the New York State Department of Financial Services and is required to spend $50 million on improving its compliance program. Problems were first recognized in May 2020 during routine supervisory examinations. The Department of Financial Services found “significant deficiencies” in various compliance programs.

 

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Posted Under: Legal Issues

Post By Ken Shafton (2,354 Posts)