Cryptocurrency Company to Pay $100 Million for Compliance Failures - ESR NEWS

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Written By Digital Content Editor Thomas Ahearn
On January 4, 2023, the New York State Department of Financial Services (DFS) announced a $100 million settlement with a cryptocurrency company after an investigation found “significant failings in the company’s compliance program” that violated New York law and DFS regulations, according to a press release from the DFS.
The $100 million settlement requires the cryptocurrency company to pay a $50 million penalty to New York State for violating New York Banking Law and DFS virtual currency, money transmitter, transaction monitoring, and cybersecurity regulations and also to invest an additional $50 million in its compliance program.
The DFS investigation found wide-ranging and long-standing failures in the cryptocurrency company’s anti-money laundering program, including its Know Your Customer/Customer Due Diligence (KYC/CDD), Transaction Monitoring System (TMS), and Suspicious Activity Reporting Systems (SARS), the press release stated.
“The Department’s expectations with respect to consumer protection, cybersecurity, and anti-money laundering programs are just as stringent for cryptocurrency companies as they are for traditional financial services institutions,” Superintendent of Financial Services Adrienne A. Harris stated in the press release.
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