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Virtual Currency, Real Civil Monetary Penalty

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.


FinCEN News Release

Enforcement Action

Statement of Facts and Violations

Remedial Framework Agreement


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


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