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The US Financial Crimes Enforcement Network has announced that it has fined a Californian national for handling an illegal cryptochange and breaking the rules against money laundering.
According to FinCEN's press release, Eric Powers, a California resident and crypto-currency operator, failed to comply with the Bank Secrecy Act's registration program and reporting requirements. in 2012-2014.
Mr. Powers failed to register as a Money Services Business (MSB), had no written policy or procedure guaranteeing compliance with the BSA and had not reported suspicious transactions and currency transactions, says the press release.
"The BSA's obligations apply to issuers of all sizes," said Kenneth A. Blanco, director of FinCEN. "
"It should not be surprising that we are taking enforcement action based on what we have publicly stated since our March 2013 guidance, namely that convertible virtual currency exchangers, such as Mr. Powers, are issuers of funds and must be registered as MSBs. In fact, it appears that Mr. Powers is aware of these obligations, but deliberately did not respect those obligations. "
"Such failures jeopardize our financial system and national security, imperil the safety and well-being of our people, and jeopardize responsible innovation in the financial services sector," said Mr. Blanco.
As a result, Powers has been fined $ 35,000 and is not authorized to provide money transfer services. This is the first time that FinCEN penalizes what they call a peer-to-peer cryptocurrency exchanger for breaking the rules against money laundering.
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