- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Adrianne Appel2022-10-11T21:16:00
Virtual currency trading platform Bittrex agreed to pay more than $29 million for violations of the Bank Secrecy Act (BSA) and other foreign asset restrictions by regularly allowing transactions with customers in Iran, Syria, and other U.S.-sanctioned nations.
The penalty, assessed Tuesday by the Financial Crimes Enforcement Network (FinCEN) and Office of Foreign Assets Control (OFAC), follows investigations by the Treasury Department agencies that uncovered “willful” violations of the BSA’s anti-money laundering (AML) rules and suspicious activity reporting (SAR) requirements. Bittrex admitted FinCEN’s findings in agreeing to a consent order.
“These enforcement actions emphasize to the virtual currency industry the importance of implementing appropriate risk-based sanctions compliance controls and meeting obligations under the BSA,” the Treasury said in a press release.
THIS IS MEMBERS-ONLY CONTENT. To continue reading, choose one of the options below.
News and analysis for the well-informed compliance or audit exec. Select an option and click continue.
Annual Membership $499 Value offer
Full price one year membership with auto-renewal.
Membership $599
One-year only, no auto-renewal.
Puerto Rico-based Bancrédito International Bank and Trust Corporation was assessed a $15 million penalty by the Financial Crimes Enforcement Network for admitted violations of the Bank Secrecy Act regarding suspicious activity monitoring and anti-money laundering compliance.
Cryptocurrency exchange Poloniex agreed to pay nearly $7.6 million as part of a settlement with the Office of Foreign Assets Control for engaging with more than 200 customers across a handful of sanctioned regions.
South Dakota-based Kingdom Trust Co. agreed to pay a $1.5 million fine to the Financial Crimes Enforcement Network for anti-money laundering deficiencies that resulted in violations of the Bank Secrecy Act.
USAA Federal Savings Bank has been hit with its third cease and desist order from the Treasury Department’s Office of the Comptroller of the Currency in the past five years for failing to correct unsafe and unsound banking practices.
Becton Dickinson medical device company will pay $175 million for “repeatedly” misleading investors about its Alaris infusion pump, a product the company knew was flawed and was sold without the required patient-safety approvals, the Securities and Exchange Commission said.
The Securities and Exchange Commission charged bankrupt fashion retailer Express with failing to disclose nearly $1 million in perks to a former chief executive, but did not levy a financial penalty thanks to its cooperation, the SEC said.
