This incarceratory sentence is an important reminder that it is never too early to ensure that your AML controls, particularly around KYC and the filing of SARs, are consistent with U.S. law. Consider engaging counsel to conduct a privileged risk assessment of your controls to ensure you are engaging in self-help and are in a better position if and when the DOJ, SEC or other regulator comes knocking.
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Serious Consequences of Lax AML Controls
"Binance put growth and profits ahead of compliance with U.S. law and was aware of its failure to implement controls and procedures to prevent money laundering on its platform."