Malta Fines OKX $1.2 Million for AML Violations

Malta’s Financial Intelligence Analysis Unit (FIAU) has imposed a hefty $1.2 million fine on OKX, the world’s leading cryptocurrency exchange, for AML non-compliance violations. This action follows an onsite compliance check conducted in April 2023 which uncovered multiple breaches of Malta’s anti-money laundering regulations. The FIAU flagged significant deficiencies in OKX’s risk assessment processes, particularly concerning its Business Risk Assessment (BRA) and customer due diligence policy. 🔍 🕵️‍♂️