CoinBase - Costly Compliance Failure

Ireland's Central Bank fined Coinbase €21M for significant failures in transaction monitoring and AML governance. In this video, we break down the specific control gaps that led to this penalty and what your compliance team needs to learn from it. - Watch the youtube video here

Detailed Analysis: The CBI's investigation revealed critical weaknesses in: Transaction Monitoring: Failure to scrutinize crypto flows effectively. Governance Frameworks: Lack of oversight from the board and risk committees. Outsourcing Oversight: Inadequate management of third-party reliance.

Timestamps

0:00 - The €21M Fine Explained

1:15 - Where the Transaction Monitoring Failed

3:30 - Governance & Board Oversight Gaps

5:45 - The "Red Flag" Checklist for your Audit

📄 Source: https://www.centralbank.ie/docs/default-source/news-and-media/legal-notices/settlement-agreements/settlement-notice-coinbase-europe-limited.pdf?sfvrsn=ac2e6f1a_6

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