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Friday, July 28, 2017
Volume:
33
Issue:
8
Abstract:
On July 26, 2017, Greek authorities arrested Alexander Vinnik, a 38 year old Russian man suspected of laundering at least $34 billion and masterminding one of the world’s oldest crypto-currency exchanges, on U.S. criminal charges. On the same day, the Financial Crimes Enforcement Network (FinCEN), working in coordination with the U.S. Attorney’s Office for the Northern District of California, assessed a $110,003.313 civil money penalty against BTC-e a/k/a Canton Business Corporation (BTC-e) for willfully violating U.S. anti-money laundering (AML) laws. FinCEN also assessed a $12 million penalty against Vinnik for his role in the violations.