CB Payments Limited (CBPL), a subsidiary business under the Coinbase Group, has been fined $4.5 million by the UK’s Financial Conduct Authority for inadequate anti-money laundering controls.

CBPL is a regulated electronic money institution (EMI) that serves as a gateway for UK customers to trade crypto assets between entities in Coinbase Group.

In late 2020, it agreed to improve its anti-money laundering controls and not accept high-risk customers in the UK after the FCA issued a warning.

However, the financial watchdog claims that CBPL subsequently provided e-money services to roughly 13,000 “high-risk” customers — receiving about $24.9 million from 31% of these customers —…

Read more on Blockworks