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Crypto and fintech groups fined $5.8bn in global crackdown on illicit money

U.S. Attorney General Merrick Garland speaks at a news conference at the US Department of Justice Building on November 21, 2023 in Washington, DC. Garland held the news conference to announce new cryptocurrency enforcement actions being taken against Binance who plead guilty to US money laundering. Photo: Anna Moneymaker/Getty Images

The Financial Times

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Penalties for lax controls in 2023 exceed those on traditional finance groups for the first time.

9 January, 2024 by Laura Noonan and Alan Smith in London

Crypto and fintech groups were for the first time fined more for lax controls than the entire traditional financial system last year, as global authorities cracked down on illicit money flows in finance’s new frontiers.

Data analysed by the Financial

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