Op risk data: Two Sigma pays the price for model mess
Also: KuCoin’s AML fail, Angola bribes bite Trafigura, and Trump’s green scepticism. Data by ORX News
January’s largest operational risk loss was a $297.4 million fine imposed on crypto exchange KuCoin by the US Department of Justice for anti-money laundering and know-your-customer violations. A lack of effective controls meant that KuCoin was unable to safeguard against suspicious transactions and alleged criminal proceeds, including from malware, ransomware, fraud schemes and activities on the dark web, the DoJ found.
In addition to a fine of $113 million and disgorgement of $184 million in
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