Malta Imposes €1.1 Million Fine on OKX for AML Violations
Malta’s Financial Intelligence Analysis Unit (FIAU) has fined OKX €1.1 million. The penalty stems from the exchange’s failure to meet the country’s Anti-Money Laundering (AML) rules. The FIAU found OKX guilty of not properly checking for money laundering risks in its services.
The FIAU conducted an inspection in April 2023. They found that OKX did not adequately assess money laundering risks.This led to the hefty fine. The exchange did not properly monitor transactions worth over $20 million. This is a important blow to the crypto platform.
OKX was unable to properly assess customer risks. They also failed to monitor transactions effectively. These issues were serious and widespread. the FIAU said OKX did not conduct Customer Risk Assessments for half of its users. This is a major breach of AML regulations.The fine is over $1.2 million. It highlights the importance of strict AML practices in the crypto industry.
OKX has faced other legal troubles. In Thailand, regulators accused the firm of operating without a license. European regulators are also investigating OKX.They suspect the platform was used to launder stolen funds from a Bybit hack. OKX denies these claims. They say they have improved their compliance. They claim they have fixed their issues.
