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Currency exchanger pays $35,350 for BSA violations

FinCEN has announced the assessment of a $36,350 civil money penalty on Eric Powers for willfully violating the Bank Secrecy Act’s (BSA) registration, program, and reporting requirements. Powers, who operated as a peer-to-peer exchanger of bitcoin convertible virtual currency, failed to register as a money services business, had no written policies or procedures for ensuring compliance with the BSA, and failed to report suspicious transactions and currency transactions. For additional information, see BankersOnline's penalty posting, "P2P virtual currency transmitter fined for BSA violations".

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