A parallel law enforcement action is being taken against Cryptocurrency Exchange BITTREX.
SOURCE: Michael Fasanello
READ THE CONSENT ORDER: BITTREX
JOINT LAW ENFORCEMENT ACTION AGAINST CRYPTO CURRENCY EXCHANGE BITTREX
A whopping 70% of cryptocurrency crime occurs through crypto exchanges. Some would say that is a historical figure. I would say that figure is a history in the making. Regardless of what exchange owners and their personnel may say, YOU CAN GUARANTEE that every regulated exchange right now has organised criminals routinely using their platforms to exploit consumers.
How do I know?
Victims of Cryptocurrency Crime receive support through Blockchain Investigation at The Dark Night Online. Every major exchange is involved. Including those who actively promote they are safe. Exchanges also hide behind law as a shield. Forcing their clients to hire expensive lawyers and ignoring reports from victims, who could not afford to hire a lawyer, and who law enforcement abandoned.
MICHAEL FASANELLO
BREAKING: FINCEN JOINS OFAC WITH PARALLEL ENFORCEMENT ACTION AGAINST BITTREX 🚨
💸 Bittrex has agreed to remit $29,280,829.20 for its willful #violations of the BSA’s #AML program and #SAR requirements.
✍🏻 Dept of the Treasury/Financial Crimes Enforcement Network will credit the payment of $24,280,829.20 as part of Bittrex’s agreement to #settle its potential #liability with #OFAC.
🔍 FinCEN’s #investigation found that, from February 2014 through December 2018, Bittrex failed to maintain an effective AML program. This included deploying inadequate and ineffective #transactionmonitoring on its platform resulting in significant exposure to illicit #finance.
💣 Further, Bittrex’s AML program failed to appropriately address the #risks associated with the products and services it offered, including anonymity-enhanced #cryptocurrencies. Bittrex failed to file any SARs between February 2014 and May 2017, a period of over three years. Bittrex also failed to file SARs on a significant number of transactions involving #sanctioned jurisdictions, including transactions that were suspicious above and beyond the fact that they involved a sanctioned jurisdiction.
✍🏻 MICHAEL FASANELLO COMMENTARY:
This is, to my knowledge, the first time OFAC or FinCEN have specifically identified unmitigated #risk with #privacycoins as an element of Sanctions or AML violations. Very important for businesses to keep this in mind when performing their #riskassessments and implementing appropriately scoped #policies and #procedures.
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