📣 Paxful co-founder Artur Schaback is facing a potential 5-year jail term after pleading guilty to failing to maintain an effective Anti-Money Laundering (AML) program. The US Justice Department also revealed a $5 million fine, to be paid in three installments. Schaback's charges include failing to establish an AML program within 90 days of starting the business and not implementing a Know Your Customer (KYC) program. As a result, Paxful was used as a vehicle for money laundering, sanctions violations, and other criminal activities. Schaback is set to be sentenced on Nov. 4 and will resign from Paxful's board.