Okcoin Europe Fined $1.2 Million by FIAU for Compliance Failures

Malta’s Financial Intelligence Analysis Unit (FIAU) has issued a $1.2 million (€1.05 million) fine to Okcoin Europe Ltd following a 2023 compliance review that uncovered significant shortcomings in the company’s risk assessment procedures.

The FIAU’s findings, released today, highlighted failures in money laundering risk assessments and transaction monitoring, though the exchange has since addressed these concerns.

The audit revealed that OKX European subsidiary’s business risk assessment was insufficient to effectively evaluate threats related to money laundering and terrorist financing. Additionally, nearly half of the customer accounts reviewed lacked proper risk assessments, and roughly 80% of transactions, totaling over $20 million, were not adequately scrutinized.

One case flagged by the FIAU involved a customer who, after minimal activity in previous years, suddenly deposited $1.8 million in under four months, far exceeding declared expectations.

Despite clear red flags, Okcoin did not initially investigate these transactions, only freezing the account in 2022 after failed attempts to obtain documentation. Following these findings, the company has taken proactive steps to improve its compliance framework.

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。