Regulatory Alerts2015-05-05 | 2015-05Added
FinCEN Fines Ripple Labs Inc. and XRP II LLC $700,000 for BSA Violations
FinCEN assessed a $700,000 civil money penalty against Ripple Labs Inc. and its subsidiary XRP II, LLC for willfully violating the Bank Secrecy Act by operating as unregistered money services businesses and failing to maintain adequate anti-money laundering programs. The companies also resolved possible criminal charges by forfeiting $450,000, which is credited toward the civil penalty. As part of the settlement, Ripple Labs and XRP II agreed to transact only through registered MSBs, implement effective AML programs, conduct a three-year look-back for suspicious activity reporting, and retain external independent auditors to review BSA compliance every two years through 2020.
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