US Treaty imposes Domestic Penalty for violating AML Laws

The US Treasury’s Financial Crimes Enforcement Network (FinCEN) have now initiated a USD $110 million domestic penalty on foreign virtual currency exchange service for breaching US anti-money laundering legislation.

The BTC-e service, also known as the Canton Business Corporation, has disguised its ownership and location so well that the FinCEN did not even know where the service was operating from. The platform was for the use of the dark market such as sites for drug trafficking and various other illegitimate services.

The dark market sites would train criminals on how to access and launder money from ransomware blasts and therefore, minimising their compliance responsibilities relating to financial crime.

BTC-e has become the worst known network for internet thievery and criminal schemes. Their crimes include identify theft, hackers, corrupt political activists and drug dealing.

Since 2011, BTC-e has conducted business with an estimated 700,000 global customers. The network is also connected to Bitcoin wallet addresses that have welcomed more than 9.4 million bitcoins. According to the Association of Certified Financial Crime Specialists, at the current rate of USD $2,700 of the virtual currency, BTC-e’s funds reflect a quarter of a trillion dollars.


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