Eric Powers neglected the requirement to comply with the Bank Secrecy Act (BSA). “Obligations under the BSA apply to money transmitters regardless of their size,” FinCEN director. The United States regulator, The Financial Crimes Enforcement Network (FinCEN) is reported have demanded a Bitcoin trader to pay a fine following what it terms as the violation of anti-money laundering (AML) rules. According to an announcement released on Thursday, the trader, Eric Powers is said to have neglected the requirement to comply with the Bank Secrecy Act (BSA) registration and reporting in the period between 2012 and 2014. According to FinCEN, Powers did not register as money transmitter at the time he was carrying out the business of buying and selling of Bitcoin online. Moreover, never made any transaction report despite completing over $5 million worth of Bitcoin transfers in a total of 160 transactions. The director of FinCEN, Kennneth A. Blanco that “Obligations under the BSA apply to money transmitters regardless of their size.” And that Powers “specifically was aware of these obligations, but willfully failed to honor them. Blanco continued: “Such failures put our financial system and national security at risk and jeopardize the safety and well-being of our people, as well as undercut responsible innovation in the financial services space.” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street Crypto News share Read Next EUR/USD stalls the corrective bounce ahead of 1.1250, US data eyed FX Street 4 years Eric Powers neglected the requirement to comply with the Bank Secrecy Act (BSA). "Obligations under the BSA apply to money transmitters regardless of their size," FinCEN director. The United States regulator, The Financial Crimes Enforcement Network (FinCEN) is reported have demanded a Bitcoin trader to pay a fine following what it terms as the violation of anti-money laundering (AML) rules. According to an announcement released on Thursday, the trader, Eric Powers is said to have neglected the requirement to comply with the Bank Secrecy Act (BSA) registration and reporting in the period between 2012 and 2014. According to FinCEN, Powers… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.