The Financial Crimes Enforcement Network (FincCEN) has fined Ripple Labs and its subsidiary XRP II $700,000 for "willful violations" of the Bank Secrecy Act.
According to a 5th May press release, Ripple Labs failed to register as a money services business (MSB) prior to registering with the US regulatory agency. Additionally, the company is said to have failed to implement appropriate anti-money laundering (AML) procedures.
XRP II is said to have acted unlawfully as an MSB without an effective AML program. Additionally, the subsidiary reportedly failed to report “several” financial transactions said to be suspicious in nature.
via CoinDesk http://ift.tt/1GZ9yD5
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