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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UNITED STATES OF AMERICA
DEPARTMENT OF THE TREASURY
FINANCIAL CRIMES ENFORCEMENT NETWORK
IN THE MATTER OF: )
)
)
) Number 2017-03
BTC-E a/k/a Canton Business Corporation ) and Alexander Vinnik ) ) ASSESSMENT OF CIVIL MONEY PENALTY
I. INTRODUCTION
The Financial Crimes Enforcement Network (FinCEN) has determined that grounds exist to assess civil money penalties against BTC-E a/k/a Canton Business Corporation (BTC-e) and Alexander Vinnik, pursuant to the Bank Secrecy Act (BSA) and regulations issued pursuant to that Act.1

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Source: Financial Crimes Enforcement Network — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works