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FinCEN fines a peer to peer cryptocurrency platform

For the first time since the new regime required cryptocurrency traders to register as Money Services Business (MSB) the FinCEN fined a private individual for operating an unlicensed business.

A Californian man, Mr. Eric Powers, was fined with $35000 for failing to comply with AML obligations from 2012 to 2014, while facilitating peer-to-peer transactions in cryptocurrencies for third parties.

The Transactions were facilitated using the extinct marketplace Silk Road as per the reported information.

As part of the settlement, Mr. Powers agreed to prevent himself from engaging in any further transaction which may be qualified under the rules of MSB.

Source

https://www.riskscreen.com/kyc360/news/fincen-issues-first-penalty-against-p2p-cryptocurrency-exchange/

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Jaime Prieto

Mr. Jaime Prieto is a lawyer experienced in Financial Crime, Anti-Money Laundering and Counter Terrorism Financing having extensive professional experience in both public and private sectors. Mr. Prieto has been a Head of Compliance in the European Union, the Americas and the Caribbean for banks, trust companies, asset managers, Big Four audit and advisory firms, RegTechs, government agencies and other types of financial professionals. In addition to his experience, he has been legal and educational chair in several compliance and sectorial organisations and performed as a teacher and speaker for a number of organisations and in several local and international forums. Furthermore, Mr. Prieto is an experienced Money Laundering Reporting Officer anda Data Protection officer with additional experience in risk management.

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