Ireland Issues Landmark Fine for Crypto AML, Indicating Tighter Regulatory Scrutiny

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Ireland Issues Landmark Fine for Crypto AML, Indicating Tighter Regulatory Scrutiny

Bitget-RWA2025/11/11 02:20

By:Bitget-RWA

- Ireland's Central Bank fined Coinbase Europe €21.5M for systemic AML/CFT failures between 2021-2025, marking its first crypto disciplinary action. - Technical errors allowed 31% of Coinbase's €176B transactions to bypass monitoring, exposing risks for money laundering and cybercrime. - The 30% reduced penalty under a settlement program highlights Europe's intensified crypto regulation, with Coinbase now enhancing monitoring protocols. - Regulators emphasized the need for real-time AML controls in crypto,

The Central Bank of Ireland has issued a record €21.5 million ($25 million) penalty to

Coinbase

Europe Limited due to widespread shortcomings in its anti-money laundering (AML) and counter-terrorist financing (CFT) measures from April 2021 to March 2025

Coinbase Fined €21.5 Million by Central Bank of Ireland Over Major AML Failures

. This is the first time the regulator has taken disciplinary action against a crypto firm, highlighting the growing regulatory focus on the industry as Europe increases oversight

Irish Central Bank Fined Coinbase Europe Nearly $25M for AML Violations

The investigation revealed that Coinbase Europe, part of the U.S.-headquartered Coinbase Group, failed to oversee more than 30 million transactions worth €176 billion ($200 billion) during a period marked by technical issues. These unchecked transactions represented 31% of the company’s total activity at that time

Coinbase Fined €21.5 Million by Central Bank of Ireland Over Major AML Failures

. The failures were linked to flaws in Coinbase’s transaction monitoring software, which allowed suspicious activities—including potential money laundering, fraud, and cybercrime—to go unnoticed for almost three years

Coinbase Europe Fined €21M For Years For Screening Errors

. The company later submitted 2,708 suspicious transaction reports (STRs) to the Irish Financial Intelligence Unit but acknowledged delays in resolving the problem

Central Bank of Ireland Fines Coinbase Europe €21.5m Over AML Failures

Ireland Issues Landmark Fine for Crypto AML, Indicating Tighter Regulatory Scrutiny image 0

Colm Kincaid, Deputy Governor of the Central Bank responsible for Consumer and Investor Protection, stressed the dangers such lapses create. “When these systems fail in any financial institution, it opens the door for criminals to go undetected—and they will take advantage of that,” he said

Coinbase Fined €21.5 Million by Central Bank of Ireland Over Major AML Failures

. The regulator pointed out that the anonymous and cross-border features of crypto assets require “strong safeguards” to prevent abuse

Central Bank of Ireland Fines Coinbase Europe €21.5m Over AML Failures

Coinbase Europe acknowledged its responsibility for the violations and accepted the fine, which was reduced by 30% under the Undisputed Facts Settlement arrangement

Coinbase Fined €21.5 Million by Central Bank of Ireland Over Major AML Failures

. The initial penalty of €30.7 million was lowered to €21.5 million, pending approval by Ireland’s High Court. The Central Bank noted this is the 162nd case under its administrative sanctions regime, with total fines surpassing €428 million ($495 million) since the program began

Irish Central Bank Fined Coinbase Europe Nearly $25M for AML Violations

This enforcement comes as European authorities ramp up regulation of the crypto sector. In June 2025, Coinbase obtained a Markets in Crypto-Assets (MiCA) license in Luxembourg, while the European Anti-Money Laundering Agency (AMLA) introduced stricter rules in July 2025, including bans on anonymous wallets and privacy coins

Coinbase Fined €21.5 Million by Central Bank of Ireland Over Major AML Failures

. These changes are part of a broader effort to bring crypto businesses in line with established financial regulations.

Since then, Coinbase has upgraded its transaction monitoring, adding more comprehensive testing and expanding the range of scenarios it monitors

Coinbase Europe Fined €21M For Years For Screening Errors

. The company reaffirmed its dedication to compliance, stating it corrected the coding flaws within weeks of discovery and conducted retrospective reviews of high-risk transactions

Coinbase Europe Fined $25 Million for Failing Anti-Money Laundering Obligations

This penalty sends a clear warning to the crypto sector. As regulators place greater emphasis on enforcing AML standards, companies must prioritize real-time monitoring and strong internal controls to avoid sanctions. As Kincaid remarked, “Effective AML relies on prompt monitoring and reporting—any delay can seriously hinder law enforcement’s ability to fight crime”

Coinbase Fined €21.5 Million by Central Bank of Ireland Over Major AML Failures

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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