OCCS hit $ 1.2m dollars from Maltese authorities for violating AML Rules: Report

The Malta’s financial intelligence analysis unit ordered the OCCS to pay a fine of 1.1 million euros to succeed in accordance with national money laundering standards.

According to recent Bloomberg reportMaltese authorities have announced a notice who informed a platform for trading that failed to examine the potential money laundering derived from the products offered by customers. As a result, the authorities ordered the exchange to pay 1.1 million euros or more than 1.2 million dollars.

The notice followed examining compliance on the spot made by Fiau in April 2023. years, during which several violations Aml Egule was discovered. Watchdog described these misdemeanors as “serious” and “systematic”, especially in connection with the risk assessment procedures by the stock exchange.

“Moreover, it was determined that the company failed to perform the CRA after establishing a business relationship for about 50% of the customer reviews as part of the compliance test,” Fiau said in a statement.

Authorities also claim that the CRIPTO firm failed to correct or follow the creptocurrency transactions that are conducted on its platform, transactions that are worth more than $ 20 million.

Spokesperson Ok He told Bloomberg that Fiau recognized the “corrective actions of platform from his own will” in response to the penalty. However, Fiau did not respond to the request for further comment.

“During the past two years, we have implemented a comprehensive compliance program, including technology upgrades, improved monitoring and efforts in strong remediation,” said spokesman.

23. January, Cripto Exchange fastened Permission to predominate below market in crypto-means or Mica The frame. With the license, the OCCC received full authority to offer products and services over 400 million users from their European hub at Malta.

OCCS’s recent legal issues

The penalty of Maltese authorities is only one of the series of legal and regulatory issues that faced in the last months. 31. Marta Thailand Securities and exchange office commission Appeal against the OCCS for work in the region without permission.

Not only that, the financial guard also claimed that the exchange failed to conduct adequately Know your customer and money laundering protocols. If the charges have been proven correct, the exchange could face legal penalties and Thai users will not be able to access the platform.

Earlier in March, European regulators declared that it began to explore the OCCA after hackers allegedly used it to wash stolen funds from hacka Bibitwhich resulted in a loss of almost $ 1.5 billion. In response, the OCCS spokesman denied all wrongdogs, stating that charges of involving the exchange of money “are incorrect and nonsense.”

A few days after the query, the OCCC announced that it would be temporary suspension his decentralized exchange service. The exchange stated that the attack was attacked by Lazarus Group in North Korea “, abuse of our services”.