The famous Excination Crypto Exchange of the famous OKX $ 1.16 million (1.054 million euros) in Malta to violate some of the anti -money laundering regulations. This development follows a series of operational and regulatory disputes surrounding the exchange -based exchange.
OKX punishment for compliance test 2023 failure
in Modern report By Bloomberg, the Maltese Financial Intelligence Analysis (FIAU) imposed A $ 1 million fine was revealed to OKX EuroPE LIMITED after the results of the 2023 compliance test revealed many failures in the anti -money laundering system on the stock exchange.
According to statement By FIAU, OKX, a subsidiary of business risk assessment (BRA), has identified potential threats and weaknesses facing its work. However, the Maltese organizer discovered multiple deficiencies in programming the bra that changed the responses to the risks of money laundering (ML) and terrorist financing (FT).
One of these palaces included OKX’s failure to assess all ML/FT risks associated with its product offers. Although the exchange was not required to evaluate the criminal tendencies of each currency on its basic system, it was required to classify these symbols and study the ML/FT risk of specific types of coins and product features.
In addition to the results of the bra, FIAU also revealed other palaces of OKX operations, including the CRA risk assessment that assessed the risk of the ML/FT -related to customers as individuals and legal entities. Al -Maltei organizer discovered that OKX had failed to conduct Cra before about half of its customer base headed.
Reading a statement:
Moreover, it was found that the company failed to implement Cra when creating a commercial relationship for about 50 % of customer files that were reviewed as part of the compliance exam. Despite the offers of the company that was made on CRA on board for these customers, the evidence collected indicates that these customers have been entrusted to thousands of dollars before the completion of CRA, with this evaluation after several months of stopping.
After these violations, FIAU made an administrative fine €1.054 million to OKX along with other directives. However, the Maltese Authority notes that OKX has greatly strengthened organizational and operational compliance over the past 18 months with significant improvements to “chest and CRA methodology, customer descriptions, and transaction control framework.”
Continuous OKX problems
Regardless of its last disaster in Malta, OKX has occupied the headlines on the alleged organizational and operational inefficiency. In February, OKX issued a huge fine of $ 504 million by the US authorities to process more than a million dollars in unlicensed American transactions.
In March, Bloomberg stated that the European authorities were studying the exchange -based exchange over the use of their platform to wash some revenues ($ 100 million) from the BYBIT penetration of $ 1.5 billion. OKX refuted all its claims to participate in this crime stating its commitment to the help of BYBIT by preventing infiltrators from trading platforms or portfolio services.
Distinctive image from Bloomberg, tradingView graph
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