Digital assets firm OKX has noted that regulatory compliance is a top priority for them.
As the crypto industry evolves, OKX claims that they “remain committed to meeting and exceeding regulatory standards.”
They work closely and on an “ongoing basis with regulators to ensure their platform is secure, transparent and fully compliant with all applicable laws.”
As part of a compliance review conducted by Malta’s Financial Intelligence Analysis Unit (FIAU) in April 2023, the FIAU identified certain “historical gaps in their compliance framework.”
The review identified areas for improvement, and OKX took this as an opportunity “to proactively enhance internal processes and align more closely with regulatory expectations prior to the FIAU issuing its final report.”
“Immediately” following the compliance review, on their own initiative and in line with their commitment to implementing a sustainable and compliance AML/CFT framework, OKX said that they “undertook a self-imposed remediation exercise to further demonstrate their commitment to a sustainable AML/CFT control framework.”
This exercise included enhancing their programs, “introducing new technologies and conducting qualitative and quantitative testing to ensure that their processes, systems and procedures operate in a compliant manner in line with legal obligations and regulatory expectations.”
The final compliance review report communicated by the FIAU to OKX identified areas of improvements but also “commended OKX’s commitment to compliance and acknowledged our sustainable compliance culture and the significant improvements we made to their program.”
In view of the historical gaps identified, the FIAU issued “an administrative fine of EUR1,054,269 for administrative breaches which occurred prior to April 2023.”
OKX welcome the FIAU’s statements with “regards to the improvements made, and will continue working with the FIAU and other regulatory authorities in strengthening the AML/CFT internal control framework in line with the highest standards of compliance.”
The crypto industry is evolving, and regulatory expectations “are becoming clearer and more robust.”
OKX added that they welcome this progress.
As an industry participant, OKX says that it is dedicated to “maintaining and exceeding best-in-class regulatory compliance.”
Their goal is to be the torchbearer for “responsible innovation and regulatory integrity in the crypto space.”
With this chapter behind them, OKX noted that they are “focused on the future — continuing to build a safe, transparent and compliant platform for our users worldwide whilst adhering to our commitment to fight financial crime.”
