Regulatory Alerts2017-07-27 | 2017-03Added
Assessment of Civil Money Penalty in the Matter of BTC-E and Alexander Vinnik
FinCEN imposes a civil money penalty of $110,003,314 on BTC-E and $12,000,000 on Alexander Vinnik for willful violations of the Bank Secrecy Act. The entities failed to register as money services businesses, implemented no effective anti-money laundering program, and neglected to file suspicious activity reports or retain required records for transactions of $3,000 or more. These violations occurred between November 5, 2011, and the present, involving the processing of illicit funds and transactions linked to ransomware and other criminal activities.
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