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Can anyone explain how AML rules, alerting, and FinCEN reporting would work under Ripple?

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AML is only applied to customer relationships. In this case that would be people that have an account with a gateway and are using said account to either deposit or withdraw massive amounts of money/crypto from the gateway.

It cannot apply to rippled balances, as you don't need to provide any information to another entity in Ripple in order to extend a trust line to said entity. I.e. there is no customer relationship in that case.

All of the above is AFAIK and IANAL.

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