Coinbase Agrees to $100 Million Settlement With New York Financial Regulator for Anti-Money Laundering Violations – Bitcoin News

Coinbase Agrees to $100 Million Settlement With New York Financial Regulator for Anti-Money Laundering Violations

Coinbase has agreed to pay a $100 million settlement with the New York Department of Financial Services , according to a consent order signed by the NYDFS superintendent Adrienne Harris on Jan. 4, 2023. New York’s financial regulator said compliance problems were detected and the exchange’s anti-money laundering controls were inadequate from 2020 through 2021.

“Coinbase lacked sufficient personnel, resources, and tools needed to keep up with these alerts, and backlogs rapidly grew to unmanageable levels,” thesigned by superintendent Adrienne Harris details. “By the end of 2021, Coinbase had a backlog of unreviewed transaction monitoring alerts grew to more than 100,000 , and the backlog of customers requiring enhanced due diligence exceeded 14,000.”

The compliance investigation started in 2020 and the alleged lack of background check controls started in 2018. Coinbase agreed at the time to hire an independent examiner to make sure AML and know-your-customer guidelines were followed. However, compliance problems persisted and the New York regulator decided to take action in 2021. “We have been very outspoken about illicit financing concerns in the space.

We view this resolution as a critical step in our commitment to continuous improvement, our engagement with key regulators, and our push for greater compliance in the crypto space – for ourselves and others.

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