The latest report from DoJ has stated that Artur Schaback operated the crypto trading platform Paxful for nearly four years between July 2015 to June 2019 where he allowed customers to open accounts without gathering sufficient KYC information. The authorities also accused Schaback of marketing Paxul as a platform that doesn’t require KYC and presented fake AML policies to third parties without any actual implementation taking place at Paxful. Schaback has pleaded guilty to willfully failing to establish and implement effective AML programs as required. He will be sentenced later this year on November 4 and faces a maximum penalty of five years in prison.

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