“The Financial Crimes Enforcement Network (FincCEN) has fined Ripple Labs and its subsidiary XRP II $700,000 for ‘willful violations’ of the Bank Secrecy Act.  According to a 5th May press release, Ripple Labs failed to register as a money services business (MSB) with FinCEN prior to selling XRP, the digital token used within the Ripple network. Additionally, the company is said to have failed to implement appropriate anti-money laundering (AML) procedures.  FinCEN Director Jennifer Shasky Calvery said in a statement that the event should serve as a reminder that all US companies that facilitate the exchange digital currencies must bring products to market that comply with AML law.”

http://www.coindesk.com/fincen-fines-ripple-labs-700000-bank-secrecy-act/

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