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FinCEN First Penalizes Bitcoin Traders Who Violate AML
Summary: According to sources from US regulators, the Financial Crimes Enforcement Network (FinCEN) imposed penalties on “P2P cryptocurrency traders” who violated anti-money laundering (AML) rules for the first time. Eric Powers, a cryptocurrency dealer from California, was punished for failing to comply with the Bank Secrecy Act (BSA) registration and reporting requirements during the 2012-2014 period.
According to sources from US regulators, the Financial Crimes Enforcement Network (FinCEN) imposed penalties on “P2P cryptocurrency traders” who violated anti-money laundering (AML) rules for the first time. Eric Powers, a cryptocurrency dealer from California, was punished for failing to comply with the Bank Secrecy Act (BSA) registration and reporting requirements during the 2012-2014 period.
