According to Times Brasil, Brazil’s Central Bank’s punitive administrative procedure decision committee (Copas) has banned Topázio Bank (Banco Topázio S.A.) from conducting virtual asset exchange business in the over-the-counter market for a period of two years. In addition, the bank was ordered to pay a fine of 16.2 million reais (about 3.15 million USD) due to serious deficiencies in customer due diligence and anti-money laundering (PLD/FT) controls. According to the investigation, between 2020 and 2021, the bank handled $1.7 billion in suspicious transactions and failed to report them to regulators, accounting for 63% of the total amount of its overseas remittance business in the same period.

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