Binance Fined $4.3 Billion as CZ Pleads Guilty to Bank Secrecy Act Violation

The plea highlights major compliance failures in Binance’s AML and KYC controls, resulting in one of the largest corporate penalties ever in the U.S.

134d ago

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Terms & Concepts

Bank Secrecy Act (BSA): A U.S. law requiring financial institutions to assist government agencies in detecting and preventing money laundering.
AML (Anti-Money Laundering): Regulations and procedures aimed at preventing criminals from disguising illegally obtained funds as legitimate income.
KYC (Know Your Customer): A compliance process used by financial institutions to verify the identity of their clients and assess potential risks of illegal activity.