Crypto Hedge Funds: Here’s What You Need To Know About BSA/AML Compliance

A record number of crypto hedge funds launched in 2018, which means they’re getting more attention every day. While cryptocurrency hedge funds aren’t mentioned in the Bank Secrecy Act (BSA), experts recommend that all hedge funds develop comprehensive BSA compliance programs to reduce risk and money laundering (AML). The reality is that BSA/AML compliance programs […]

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BSA/AML Compliance For Crypto Lenders: Here’s How To Be Compliant

Crypto lenders qualify as financial institutions and must adhere to the same compliance regulations as Bitcoin ATMs and crypto exchanges. Unlike ATM operators, crypto lenders are not money transmitters. However, the same compliance standards related to the Bank Secrecy Act (BSA) and anti-money laundering (AML) apply. As part of our compliance basics mini-series for cryptocurrency […]

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BSA/AML Compliance For Crypto Exchanges: How To Stay Compliant

Cryptocurrency compliance can be challenging, so today, we’re focusing on what crypto exchanges need to do to be compliant with relevant regulations as part of a new mini-series explaining compliance basics for aspiring or new entrepreneurs in the space. Is your crypto exchange BSA/AML compliant? Let’s dig into the fundamentals of cryptocompliance for crypto exchanges […]

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BSA/AML Compliance: What Bitcoin ATM Operators Need To Know

What are the AML compliance requirements for bitcoin ATM operators? Cryptocurrency businesses, including bitcoin ATM or kiosk operators, must design and implement AML policies and procedures aligned with federal and state regulatory compliance obligations just like any other financial institution. Entrepreneurship in the cryptocurrency space can be incredibly rewarding. However, with opportunity comes challenges, and […]

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What are law enforcement requests and how to respond when you get them

It’s common for cryptocurrency business owners to be unfamiliar with law enforcement requests. If you’re unsure of how you’d handle a law enforcement request should you receive one, this post will answer your questions. Cryptocurrency money services businesses (MSBs) may receive law enforcement requests from time to time. While it’s natural to want to help […]

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[UPDATED] Operating in marijuana-legal states comes with important rules for crypto MSBs

Hi there. A lot has changed in this space since this article was published, so we’ve recently published an updated blog post on the topic of cryptocurrency and cannabis companies working together within compliance.  Feel free to continue reading this archived post if you’re interested, but if you want more updated information on the topic, […]

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BitAML Introduces ComplyFit, An Innovative Money Transmitter License Management And Compliance Solution For The Cryptocurrency Industry

On-demand workplace platform also streamlines numerous day-to-day institutional compliance tasks including reporting, record-keeping, and transaction monitoring.   Financial institutions (FIs) in the cryptocurrency industry face significant challenges regularly updating customary money transmitter license (MTL) requirements, as well as a variety of other daily compliance activities. To help FIs meet their federal and state license and […]

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Cryptocompliance 101: The Importance Of Annual Audits And Independent Testing

Your AML compliance program is only as good as a third party says it is. Thus, annual AML audits (or independent AML reviews as they are referred to by FinCEN) are required of all financial institutions, including businesses in the cryptocurrency space and crypto MSBs. The four pillars of BSA/AML compliance established by the Bank […]

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Cryptocompliance 101: Responding To Grand Jury Subpoenas For Crypto Businesses

It’s becoming increasingly more common for financial institutions, including businesses in the crypto space, to receive grand jury subpoenas. Thus, it’s very possible that your cryptocurrency business could be the recipient of one in the not so distant future. The important question is, how should you respond? Responding to a grand jury subpoena is not […]

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