Menu Home

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.

Links:

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

eric9to5

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: