E-Payment Service WaveCrest Hit with Fine in Gibraltar

WaveCrest, the payment provider that supported VISA cards for several cryptocurrency projects, has been fined for failing to meet AML (anti-money laundering) and transparency regulations in Gibraltar, the Financial Times reported. The Gibraltar Financial Securities Commission (GFSC) settled with WaveCrest for a fine of 250,000 pounds.

WaveCrest was found to have inadequate resources dedicated to AML and terrorist financing compliance, a key component in modern fintech and payment systems. In February this year, the company agreed to abstain from accepting new business and has voluntarily committed to observing the restriction until …

This article appeared first on Cryptovest

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