WaveCrest, the payment provider that supported VISA cards for several cryptocurrency projects, has been fined for failing to meet AML (anti-money laundering) and transparency regulations in Gibraltar, the Financial Times reported. The Gibraltar Financial Securities Commission (GFSC) settled with WaveCrest for a fine of 250,000 pounds.
WaveCrest was found to have inadequate resources dedicated to AML and terrorist financing compliance, a key component in modern fintech and payment systems. In February this year, the company agreed to abstain from accepting new business and has voluntarily committed to observing the restriction until ...
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