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FinCEN fines Bitcoin trader for violating AML laws

Monday 22 April 2019 11:01 CET | News

The Financial Crimes Enforcement Network (FinCEN) has penalised a “peer-to-peer cryptocurrency exchanger” for breaking anti-money laundering (AML) rules.

The US regulator announced that California resident and cryptocurrency trader Eric Powers failed to comply with the Bank Secrecy Act’s (BSA) registration and reporting requirements during 2012–2014. According to CoinDesk, while conducting the business of buying and selling Bitcoins on the internet, Powers did not register himself as a money transmitter or as a money services business, FinCEN said.

In addition, he failed to report suspicious transactions in cryptocurrency and fiat currency and processed several suspicious transactions without ever filing a suspicious activity report, including doing business related to the darknet marketplace Silk Road.

Powers has admitted to the violations, according to the agency. As a result, Powers has been fined USD 35,000 and is barred from providing money transmission services.


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Keywords: Financial Crimes Enforcement Network, FinCEN, AML, Bitcoin, crypto, cryptocurrency, US
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Countries: World