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Violation Tracker Individual Record

Company: Ripple Labs Inc.
Penalty: $700,000
Year: 2015
Date: May 5, 2015
Offense Group: financial offenses
Primary Offense: anti-money-laundering deficiencies
Violation Description: The Financial Crimes Enforcement Network, working in coordination with the U.S. Attorney's Office for the Northern District of California, assessed a $700,000 civil money penalty against Ripple Labs Inc. and its wholly-owned subsidiary, XRP II, LLC for violating the Bank Secrecy Act by acting as a money services business and selling its virtual currency without registering with FinCEN and by failing to implement and maintain an adequate anti-money laundering program.
Level of Government: federal
Action Type: agency action
Agency: Treasury Department Financial Crimes Enforcement Network
Civil or Criminal Case: civil
Source of Data: (click here)
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Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.