The US Treasury’s Office of Foreign Assets Control (OFAC) have announced a $23.4 million settlement with cryptocurrency exchange Bittrex for violations of sanctions regulations as Bittrex failed to implement effective sanctions compliance controls, and to screen customers located in sanctioned jurisdictions. Bittrex also has agreed to pay USD 29.3 million to the Financial Crimes Enforcement Network (FinCEN) for violating the BSA’s AML programme and SAR requirements, though the settlement with OFAC will be credited towards this amount.
Share with: