Archives: Anti-Money Laundering

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Recent Enforcement Action Against Virtual Currency Signals Sea Change

The U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) has issued a groundbreaking enforcement action against Ripple Labs, Inc., a Northern Californian virtual currency company. FinCEN announced on May 5th that Ripple Labs has been ordered to pay $700,000 in penalties and fines for violating FinCEN’s money transmitter regulations. The company has been charged with acting … Continue Reading

DOJ announces that Anti-Money Laundering Enforcement is a Top Priority

Manhattan U.S. Attorney Preet Bharara informed attendees at a recent Anti-Money Laundering Risk Management Conference in New York that enforcement of the anti-money laundering (“AML”) laws are a top priority for his office.  Bharara stated, I can promise. . . financial institutions need to take [the BSA] seriously because we are deadly serious about enforcing … Continue Reading