Coinbase faces €21.5m AML fine as Irish watchdog flags ‘ineffective’ TMS

cryptonews12-19 21:00

Ireland fined Coinbase Europe €21.5m after data issues left €173b in transactions unmonitored, with failures undisclosed during its VASP registration and now forcing an exit to Luxembourg. Summary ...

Source Link

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap

Leave a comment

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/2592162397?lang=en_US&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2025-12-19 21:00","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2592162397","market":"hk","top_or_hot":-1,"title":"Coinbase faces €21.5m AML fine as Irish watchdog flags ‘ineffective’ TMS","media":"cryptonews","content":"<div>\n<p>Ireland fined Coinbase Europe €21.5m after data issues left €173b in transactions unmonitored, with failures undisclosed during its VASP registration and now forcing an exit to Luxembourg.\n\n\nSummary\n\n...</p>\n\n<a href=\"https://crypto.news/coinbase-faces-e21-5m-aml-fine-as-irish-watchdog-flags-ineffective-tms/\">Source Link</a>\n\n</div>\n","source":"crypto_news_highlight","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Coinbase faces €21.5m AML fine as Irish watchdog flags ‘ineffective’ TMS</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCoinbase faces €21.5m AML fine as Irish watchdog flags ‘ineffective’ TMS\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-12-19 21:00 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://crypto.news/coinbase-faces-e21-5m-aml-fine-as-irish-watchdog-flags-ineffective-tms/><strong>cryptonews</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Ireland fined Coinbase Europe €21.5m after data issues left €173b in transactions unmonitored, with failures undisclosed during its VASP registration and now forcing an exit to Luxembourg.\n\n\nSummary\n\n...</p>\n\n<a href=\"https://crypto.news/coinbase-faces-e21-5m-aml-fine-as-irish-watchdog-flags-ineffective-tms/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK7095","symbol_name":"多种金属与采矿","start_time":0,"source_url":"https://crypto.news/coinbase-faces-e21-5m-aml-fine-as-irish-watchdog-flags-ineffective-tms/","article_id":"2592162397","we_media_id":null,"thumbnails":[],"rights":{"source":"crypto_news_highlight","url":"https://crypto.news/coinbase-faces-e21-5m-aml-fine-as-irish-watchdog-flags-ineffective-tms/","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2592162397","pubTimestamp":1766149200,"columns":[],"sourceInfo":{"source_id":"crypto_news_highlight","name":"Crypto News"},"weMediaInfo":null,"summary":"Ireland fined Coinbase Europe 21.5m after data issues left 173b in transactions unmonitored, with failures undisclosed during its VASP registration and now forcing an exit to Luxembourg.The Central Bank of Ireland fined Coinbase Europe 21.5m after data configuration failures in an outsourced TMS left about 30m transactions, worth roughly 173b, unmonitored between 2021 and 2022.The Central Bank of Ireland fined Coinbase Europe 21.5 million  for failures in transaction monitoring systems that left approximately 30 million transactions unmonitored between 2021 and 2022, according to settlement documents released in November 2025.The enforcement action centered on what regulators described as a breakdown in Coinbase Europe’s anti-money laundering compliance systems. The unmonitored transactions represented 31% of the company’s business volume during the affected period, totaling approximately 173 billion, according to the Central Bank.The timing of the disclosure raised additional regulato","collect":0,"end_time":0,"defaultTopTitle":"crypto.news","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK7095":"多种金属与采矿","BK4516":"特朗普概念","BK4535":"淡马锡持仓","BK4596":"哈里斯概念","LU1861558580.USD":"日兴方舟颠覆性创新基金B","BK7506":"金矿股","LU1861217088.USD":"贝莱德金融科技A2","BK7116":"贵重金属与矿石","BK4588":"碎股","BK4600":"加密货币概念","BK4112":"金融交易所和数据","COIN":"Coinbase Global, Inc.","LU1861220207.SGD":"Blackrock FinTech A2 SGD-H","BK4595":"比特币概念","BK4551":"寇图资本持仓","BK4539":"次新股","BK4554":"元宇宙及AR概念","LU1861559042.SGD":"日兴方舟颠覆性创新基金B SGD","LU2360107671.USD":"BGF FINTECH \"A4\" (USD) INC","BK4585":"ETF&股票定投概念"},"translate_title":"爱尔兰监管机构标记TMS“无效”，Coinbase面临2150万欧元反洗钱罚款","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"COIN":1.95},"content_text":"Ireland fined Coinbase Europe €21.5m after data issues left €173b in transactions unmonitored, with failures undisclosed during its VASP registration and now forcing an exit to Luxembourg.\n\n\nSummary\n\n\n\nThe Central Bank of Ireland fined Coinbase Europe €21.5m after data configuration failures in an outsourced TMS left about 30m transactions, worth roughly €173b, unmonitored between 2021 and 2022.\nCoinbase Europe did not detect or disclose the issues during its 2022 VASP application, with management only fully briefed in 2023, leading the regulator to brand its oversight of Coinbase Inc. as ineffective.\nThe VASP registration will lapse at end‑2025 as Coinbase Europe relocates to Luxembourg, even as the firm lobbies U.S. Treasury to recognize KYT and blockchain analytics as cutting‑edge AML tools.\n\n\n\nThe Central Bank of Ireland fined Coinbase Europe €21.5 million ($25 million) for failures in transaction monitoring systems that left approximately 30 million transactions unmonitored between 2021 and 2022, according to settlement documents released in November 2025.\nThe fine represents the fourth-largest penalty ever issued by Ireland’s financial regulator. Coinbase Europe’s registration as a Virtual Asset Service Provider (VASP) with the Central Bank will lapse at the end of 2025, with the company ceasing operations in Ireland and relocating to Luxembourg, according to the settlement.\nThe enforcement action centered on what regulators described as a breakdown in Coinbase Europe’s anti-money laundering compliance systems. The unmonitored transactions represented 31% of the company’s business volume during the affected period, totaling approximately €173 billion, according to the Central Bank.\nCoinbase Europe had outsourced transaction monitoring to its U.S. parent company, Coinbase Inc., which operated a transaction monitoring system (TMS) designed to flag suspicious activity. Due to data configuration issues, five of 21 high-risk monitoring scenarios failed to operate as intended from April 23, 2021, until April 29, 2022, according to the settlement document.\nThe failures went undetected by Coinbase Europe for an extended period. The European subsidiary was first provided information about the TMS issues in February 2023, according to the settlement. Senior managers at Coinbase Europe became aware of the problem’s potential material impact only in May 2023, when Coinbase Inc. provided additional details about remediation efforts, the document stated.\nThe rescreening process for the affected transactions took nearly three years to complete, according to the Central Bank, which stated this delay “undermined the efficacy” of suspicious transaction reports ultimately submitted.\nThe timing of the disclosure raised additional regulatory concerns. Coinbase Europe’s VASP registration was finalized in December 2022, but the company was unaware of the monitoring issues during the application process and therefore did not disclose them, according to the settlement.\nIn September 2022, Coinbase Europe met with Central Bank representatives to discuss its VASP application and advised that plans were in place to resolve a backlog of compliance issues. In November 2022, the company provided additional assurances in response to queries about progress. The Central Bank stated these assurances were “relevant” to its decision to grant the VASP registration in December 2022.\nFollowing notification of the problems, the Central Bank initiated enhanced supervisory scrutiny and required Coinbase Europe to make significant improvements to its anti-money laundering framework and compliance function, according to the settlement.\nThe settlement document noted that Coinbase Europe’s systems and controls were “ineffective to oversee the work of Coinbase Inc.” during the period in question.\nOne of the contraventions to which Coinbase admitted extended through March 19, 2025, involving failure to conduct additional monitoring on 184,790 transactions, according to the settlement terms.\n\n\nThe enforcement action occurred during the same period that Coinbase submitted comments to the U.S. Treasury Department regarding cryptocurrency regulation. In those comments, dated 2025, the company requested that Treasury publish supervisory guidance explicitly recognizing Know Your Transaction (KYT) screening and blockchain analytics as effective means of enhancing anti-money laundering and counter-terrorism financing compliance.\nIn the Treasury comment, Coinbase described its use of application programming interfaces (APIs) for “real-time transaction monitoring, dynamic risk scoring, secure data sharing, and integration with advanced analytics solutions,” stating these tools ensure the company “remains at the forefront of compliance innovation.”\nThe company’s chief legal officer signed the Treasury comment, according to the document.\nCoinbase Europe has since obtained licensing in Luxembourg through a separate regulatory process, according to the settlement. The company did not immediately respond to requests for comment on the Irish enforcement action.\nThe Central Bank of Ireland declined to comment beyond the published settlement document.\n\n\n\n\n\n                Read more:\n            \n\n                Ireland will draft urgent legislation to update crypto regulations in accordance with EU money-laundering rules","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.35.12","shortVersion":"4.35.12","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2592162397","isCrawlerRequest":true}