This is a guest post by Joe Ciccolo, DCC Member and CEO of BitAML. Background The Ripple Labs settlement agreement, the first civil enforcement action brought against a digital currency exchange, demonstrates the perils of piecemeal AML compliance and delayed implementation. Last week, Ripple Labs, the popular payment system, currency exchange and remittance network, reached a settlement with FinCEN and the US DOJ in which it acknowledged AML compliance violations and agreed to fines in excess of $1.1 million. And that’s just the beginning. (More on the true financial and operational cost to Ripple Labs in a moment.) So what happened? And how can we learn from this enforcement action? Analysis When Ripple Labs began blazing its trail in the world […]
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