Coinbase Europe Limited, the European branch of the US crypto exchange, has agreed to a settlement of 21.5 million euros ($24.7 million) with the Central Bank of Ireland due to technical issues in its transaction monitoring system from 2021 to 2022. According to a blog post from Coinbase, coding errors led to incomplete screening of certain transactions for suspicious activity. The company identified the problem through internal testing, rectified it within weeks, and reviewed all impacted transactions. Coinbase Europe subsequently filed approximately 2,700 suspicious transaction reports, totaling around $15 million, from a review of 185,000 flagged transactions. These reports were made in compliance with Irish Anti-Money Laundering (AML) laws, although they did not confirm any illicit activity. The Central Bank's fine was based on Coinbase's average annual revenue in Ireland, estimated at $480 million. Coinbase has since improved its monitoring systems to prevent future issues, emphasizing its commitment to effective AML procedures. Read more AI-generated news on: https://app.chaingpt.org/news