Another Guilty Plea for Unlicensed Money Transmission of Liberty Reserve, the Centralized Virtual Currency Exchanger

Another Guilty Plea for Unlicensed Money Transmission of Liberty Reserve, the Centralized Virtual Currency Exchanger

Liberty Reserve, the prominent centralized virtual currency exchanger that was shut down by U.S. authorities last summer for numerous violations of operating an unlicensed money transmission business and money laundering charges, continues to work itself through the legal system.  Last Thursday, the Chief Technology Officer for Liberty Reserve pleaded guilty to conspiring to operate an illegal unlicensed… more

FinCEN Fines Another MSB For AML/BSA Program Violations, Stresses Importance of Developing a Compliant Program, CIP Recordkeeping, and SAR Filing

The Financial Crimes Enforcement Network (FinCEN) issued a $125,000 civil money penalty to a registered money service business (MSB) BPI, Inc. (BPI) of Newark, New Jersey.   According to the FinCEN registration, BPI, Inc. was registered as money transmitter.  Although BPI was an MSB that did not deal with digital currencies, this case highlights several ‘lessons learned’ for digital… more