Coinbase Europe Pays €21.5M Fine for AML Coding Errors

Coinbase Europe Limited (CBEL) has settled a €21.5 million fine with the Central Bank of Ireland (CBI) regarding coding errors in its anti-money laundering (AML) transaction monitoring system. The issue, identified between 2021 and 2022, led to partial oversight of crypto transactions involving addresses with special characters, impacting around five out of twenty-one monitoring scenarios. These flaws meant some transactions were not fully screened for suspicious activity, as required under AML regulations.