Coinbase, the largest US cryptocurrency exchange, has reached a $100 million settlement with the New York Department of Financial Services (NYSDFS) for violating US money laundering laws.
by The New York Times January 4 According to the news published on Coinbase combating money laundering and terrorist financing to the laws respect didn’t for NYSDFS with 100 million dollars had an agreement.
Within the scope of the agreement, the stock market 50 million dollars will pay the fine and illegal individuals It will prevent him from opening an account in New York. support the compliance program for 50 Million dollars amount of investment.
Account opening customers adequate background check laws for allowing them to open accounts without breach Coinbase, which is considered to be know your customer procedure (KYC) Because of this, he had to make various agreements by the US authorities.
Coinbase has recently KYC to oversee the implementation of protocols an independent auditor compliance problems despite keeping not resolved and thereupon, the regulators decided that Coinbase would retain an outside observer besides the independent audit.
New York Financial Services Superintendent Adrienne Harris Coinbase’s compliance department is keeping pace with the stock market’s rapid growth he couldn’t make up expressed. In the agreement, Coinbase’s efforts to investigate suspicious accounts very slow was stated. To improve the exchange’s compliance operations commissioning new systems and with the observer excluded from the independent reviewer. one more year It was also included in the agreement that it should work.