Five companies associated with the BitMEX derivatives cryptocurrency exchange have agreed to a $100 million fine to settle civil charges that they violated anti-money laundering rules of the Bank Secrecy Act and the Commodity Exchange Act. The Commodity Futures Trading Commission (CFTC) and US Department of Justice simultaneously charged the Bermuda-based cryptocurrency derivatives exchange with ignoring requirements on performing KYC on clients and failing to report suspicious transactions. FIs must ensure they have adequate policies and procedures in place to comply with KYC/CDD and SAR reporting requirements.

Share with: