TechFlow News, May 13: According to Times Brasil, Brazil’s Central Bank’s Administrative Sanctions Procedure Decision Committee has fined Banco Topázio approximately $3.15 million and prohibited it from conducting over-the-counter foreign exchange operations for virtual asset transactions for two years. Regulators stated that between October 2020 and September 2021, Banco Topázio processed roughly $1.7 billion in related transactions while failing to adequately verify customer eligibility, maintain proper customer records, and implement anti-money laundering (AML) and counter-terrorist financing (CFT) controls—and further failed to report suspicious transactions to the Council for Financial Activities Control (Coaf). Brazilian Central Bank officials indicated that similar restrictions could also be imposed in the future on other institutions engaged in cryptocurrency-related activities.
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