Overview
- The Central Bank said five of 21 monitoring scenarios failed due to coding errors in 2021–2022, causing 30.4 million transactions—about 31% of activity—to go insufficiently screened over a 12‑month span.
- Coinbase admitted the contraventions under an undisputed‑facts process, receiving a 30% discount from roughly €30.6 million to €21.5 million plus a formal reprimand.
- A nearly three‑year retrospective review reran the affected transfers, flagged about 185,000 for further checks, and resulted in 2,708 STRs to Ireland’s Financial Intelligence Unit.
- Regulators said the STRs cited suspected links to money laundering, fraud, drug trafficking, cyberattacks and child sexual exploitation, while neither side claimed proof of criminality.
- The sanction may require High Court confirmation, and follows Coinbase’s move of its EU regulatory base from Ireland to Luxembourg under the MiCA regime.