FCA Fines UK Exchange £29M Over Anti-Money-Laundering Failures
The Financial Conduct Authority cited "systemic weaknesses" in the exchange's onboarding and transaction-monitoring controls.
Britain's Financial Conduct Authority on Thursday imposed a £29 million penalty on a London-based cryptocurrency exchange, citing what regulators described as systemic failures in its anti-money-laundering programme between 2020 and 2023.\n\nIn a 102-page final notice, the FCA detailed shortcomings including inadequate customer due diligence on politically exposed persons, failure to conduct enhanced monitoring on high-risk corridors, and a backlog of suspicious activity reports that were filed late or not at all.\n\nThe exchange neither admitted nor denied the findings but agreed to a remediation plan that includes the appointment of an independent skilled person and quarterly compliance audits for the next three years.
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