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

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