MoneyLaundering.com: FCA fines Coinbase £3.5m for AML failings

FCA  fined CB Payments Limited, a London-based affiliate of Coinbase, £3.5m for repeatedly violating restrictions on serving high-risk customers. CBPL does not handle cryptocurrency transactions directly, it acts as a gateway for trades conducted through other Coinbase Group entities. Despite a 2020 agreement with the FCA to halt services to high-risk clients while addressing AML system weaknesses…