Bitcoin and the Banking Secrecy Act
October 20, 2020
Carlton Fields blockchain attorney Andrew (Drew) Hinkes was quoted in a CoinDesk article discussing the maximum penalty for noncompliance with the Banking Secrecy Act after a large Financial Crimes Enforcement Network investigation into bitcoin mixing.
“The max penalty is $209,144,554,” Hinkes said. “That’s a gobsmackingly enormous number because BSA non-compliance is heavily penalized.”
READ: CoinDesk, “Blockchain Bites: Bitcoin and the BSA, Signature Deposit Growth, Darknet Crypto Donors”