Crypto Blog
Coinbase’s UK unit – CB Payments Limited – was fined $4.5 million by the UK financial regulatory agency, the Financial Conduct Authority , for repeatedly violating a requirement that barred the firm from providing services to high-risk customers.
Despite these restrictions, the financial regulator accused CBPL of onboarding as well as providing e-money services to 13,416 high-risk customers, according to the FCA’s official The FCA reported that the breaches were a result of CBPL’s insufficient skill, care, and diligence in developing, testing, and overseeing controls designed to enforce the VREQ. This also included the failure to account for various customer onboarding scenarios.
“The money laundering risks associated with crypto are obvious and firms must take them seriously. Firms like CBPL that enable crypto trading need to have strong financial crime controls. CBPL’s controls had significant weaknesses and the FCA told it so, which is why the requirements were needed. CPBL, however, repeatedly breached those requirements.”
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