Regulatory gap analysis: Coinbase Europe fined €21.46 million for major anti-money laundering failings

Another fine for Coinbase, this time from the Central Bank of Ireland which has fined Coinbase Europe Limited €21.46 million for major anti-money laundering failings.  

Between April 2021 and March 2025, the firm failed to properly monitor over 30 million transactions worth €176 billion after system errors disabled key high-risk detection rules. Coinbase Europe, which had outsourced its monitoring to its U.S. parent, did not detect or report the problem for more than a year and then took nearly three years to complete rescreening and file delayed suspicious transaction reports. The CBI found serious weaknesses in governance, oversight, and escalation, concluding that Coinbase’s controls were “ineffective” and its response “unacceptably slow.” 

The CBI didn’t pull any punches in its damning assessment, stating that “the failures uncovered at Coinbase Europe go to the heart of what it means to operate responsibly in the financial system”.  

Download our gap analysis that distils the key messages from this case and poses practical questions to help you assess whether your own firm could face similar issues.   

It should be noted that the failures were linked to broader AML issues under investigation by the New York State Department of Financial Services (NYDFS), which fined Coinbase Inc. $100 million in 2023. Our gap analysis on this fine can be found here: Coinbase agree $100m settlement with New York Department of Financial Services — Avyse Partners

Avyse Partners are an official content partner of the International Compliance Association. The ICA is the leading professional body for the global regulatory and financial crime compliance community.  ICA Members can gain access to Member-only content developed in partnership with Avyse that shares insights and best practice to help you meet the challenges of today and tomorrow.  Not yet an ICA Member? Join here