FinCEN fined Ripple Labs (and its XRP II, LLC subsidiary), which sells the XRP virtual currency, for violations of the Bank Secrecy Act (BCA) by not registering as a Money Service Business (MSB) or having an AML program. The fine? $700,000.

Links:

FinCEN News Release

Enforcement Action

Statement of Facts and Violations

Remedial Framework Agreement

Posted with Blogsy

Categories: Anti-Money Laundering Enforcement Actions FinCEN Updates Money Services Businesses Virtual Currencies

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