Crypto exchange OKX has been fined €1.1 million ($1.2 million) by Malta’s Financial Intelligence Analysis Unit (FIAU) for breaching the country’s anti-money laundering (AML) regulations. OKX Fined $1.2 Million by Malta for Anti-Money Laundering Violations The FIAU statement said the penalty was imposed following an on-site compliance review in April 2023, which revealed serious and systematic failures. The FIAU investigation found that OKX: Failed to appropriately assess the money laundering risks associated with its products. For approximately half of the files reviewed, the client skipped risk assessments during acceptance. There were deficiencies in transaction monitoring and external reporting. OKX responded to the fine, stating that it has since implemented a comprehensive compliance program, including technology upgrades and enhanced monitoring. The exchange also noted that it acknowledged the FIAU’s remedial efforts. This latest fine adds to OKX’s growing regulatory challenges worldwide: February 2025: OKX's parent company settles with US authorities for over $500 million for failing to register as a money transmitter business. March 2025 The European Union investigates OKX’s Web3 service following reports that hackers laundered the proceeds of the $1.5 billion Bybit heist. The exchange later suspends some related services. March 2025: Thailand's securities regulator files criminal complaint against OKX for operating without a license. January 2025: OKX was fined €304,000 by the Malta Financial Services Authority (MFSA) for undisclosed regulatory breaches. *This is not investment advice. Continue Reading: Bitcoin Exchange OKX Fined by This Country's Financial Regulatory Authority! Here's Why!
