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Tag: Malta

  • Malta fines OKX $1.2 million for breaching anti-money laundering laws

    Malta fines OKX $1.2 million for breaching anti-money laundering laws

    The OKX cryptocurrency exchange in Malta has been fined €1.1 million ($1.2 million) by the nation’s Financial Intelligence Analysis Unit (FIAU) for violating anti-money laundering (AML) regulations.

    The penalty follows an on-site compliance examination conducted in April 2023, which reportedly uncovered “serious and systematic failures” in OKX’s operational procedures.

    Read also: OKX suspends DeFi service, citing EU investigation and media criticism

    Compliance deficiencies uncovered

    According to a Bloomberg report, Maltese authorities published a notice informing the trading platform of its failure to adequately examine potential money laundering risks associated with its offered products.

    The FIAU specifically noted deficiencies in the exchange’s Customer Risk Assessment (CRA) procedures. The watchdog stated that the company failed to carry out a CRA upon establishing a business relationship for around 50 percent of the customer files reviewed as part of the compliance examination.

    Furthermore, authorities alleged that OKX did not correctly monitor or follow up on cryptocurrency transactions conducted on its platform, with the value of these transactions exceeding $20 million.

    Meanwhile, a spokesperson for OKX, as reported by Bloomberg, stated that the FIAU had acknowledged the platform’s “remedial action out of its own volition” in response to the penalty. The spokesperson added, “Over the past two years, we have implemented a comprehensive compliance program, including technology upgrades, enhanced monitoring, and robust remediation efforts.”

    In particular, the FIAU commended the company for making notable improvements over the past 18 months.

    Read also: African women in crypto: Binance champions financial inclusion

    Recent OKX regulatory challenges

    This fine from Maltese authorities is the latest in a series of regulatory challenges for OKX. In late February, the Seychelles-based parent company of OKX agreed to pay over $500 million to settle allegations with U.S. authorities for failing to register as a money-transmitting business.

    Additionally, Thailand’s securities regulator has filed a criminal complaint against OKX for operating without a license in the country. In addition to that, Bybit CEO Ben Zhou alleged that OKX enabled hackers to launder funds from a February 2025 hack, allegations firmly denied by OKX, which has labelled Bybit’s statements as misinformation.

    Despite the fine, OKX retains its operational licence in Malta, where it secured pre-approval under the EU’s Markets in Crypto-Assets (MiCA) framework earlier this year, potentially allowing it to offer services across the European Union from its Malta hub.

  • Access Bank acquires Bidvest Bank in South Africa, days after expanding to Malta

    Access Bank acquires Bidvest Bank in South Africa, days after expanding to Malta

    Access Bank has acquired Bidvest Bank in South Africa with R2.8 billion ($159 million) days after expanding to Malta. This follows the regulatory approval by the Malta Financial Services Authority and the European Central Bank on December 10 for Access Bank to open a bank in Malta.

    “We are pleased to announce that Access Bank South Africa has signed a binding agreement to acquire a 100 per cent equity stake in South Africa-based Bidvest Bank, marking a significant milestone in our commitment to strengthening our footprint in South Africa and across the SADC region,” the bank announced on its LinkedIn page on Friday.

    Read also: UBA expands operations to France, joining tier-1 Nigerian banks in Europe

    It continued, “This acquisition, subject to regulatory approvals, will merge Bidvest Bank with our existing South African subsidiary, creating an enlarged platform to drive regional growth, enhance intra- and inter-Africa trade, and unlock new opportunities for businesses across the continent.”

    The bank assures that it remains committed to building a stronger, more connected Africa.

    Access Bank’s plan to dominate the continent by 2027 includes the recent acquisitions. The bank declared in January 2023 that it would enter 26 more nations over the following five years.

    With operations in roughly 23 nations, the bank has acquired banks in Kenya, Angola, Namibia, and Sierra Leone. Most recently, it acquired a bank in Mauritius.

    Access Bank, the biggest bank in Nigeria in terms of assets, is likewise undertaking these purchases to diversify its risk in Nigeria, its main market, where it anticipates a decline in revenue. By 2027, the bank anticipates that its profit before taxes will have decreased from 63 percent to 33 percent and that revenue from the Nigerian market will have fallen to 52 percent.

    Read also: Zenith Bank named Bank of the Year by UK’s Financial Times

    Expansion of Access Bank to Malta 

    Access Holdings declared on December 10, that the company has obtained regulatory clearance to function as a bank in Malta.

    Access Malta is fully owned by The Access Bank UK Limited (Access UK), a subsidiary of the banking group. Access Bank might have used its UK licence to conduct business in Europe before January 2020, but after Brexit, the banking firm had to submit a second application for a European licence.

    “Europe has emerged as Africa’s leading trading partner…” according to Jamie Simmonds, Founding CEO and MD of Access UK. “…The Access Bank Malta Limited is ideally positioned to deepen trade and meet the financing and banking needs of our clients in these expanding markets.”