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 Notes: 
If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Parent company note: 
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.