Joe Ciccolo - BitAML

Cryptocompliance 101: How To Respond To National Security Letters

Posted on March 25, 2019 (June 11, 2021)

Every year, federal agencies (primarily the FBI) issue thousands of National Security Letters (NSLs) to gather information they believe will help national security-related investigations and protect against terrorism and “clandestine intelligence activities.” While cryptocurrency businesses don’t receive NSLs often, the number of NSLs issued has been growing every year, so there is a strong possibility […]

UPDATED: Cryptocompliance 101: Monetary Instrument Log Explained For Crypto AML

Posted on March 18, 2019 (April 30, 2021)

Do bitcoin and cryptocurrency businesses need to keep monetary instrument logs? Yes, as a money services business, money transmitter, this log should be part of an AML program consistent with the expectations of the Bank Secrecy Act and other regulations. Is cryptocurrency money? Maybe you immediately answered “yes,” or tried to outsmart the question with […]

Cryptocompliance101: Everything Cryptos Need To Know About Currency Transaction Reports

Posted on March 11, 2019 (September 30, 2022)

Do cryptocurrency businesses ever need to file Currency Transaction Reports? Every AML program should include a policy and procedure for CTR filing. Here’s what you need to know. In a previous post, we talked about the importance of a strong surveillance and monitoring procedure designed to catch suspicious activity and protect cryptocurrency money services businesses […]

Cryptocompliance 101: Do Crypto MSBs Need To File SARs?

Posted on March 4, 2019 (July 16, 2021)

As you manage your cryptocurrency business, you will encounter suspicious or unusual transactions. What do you do? This is a common situation that cryptocurrency financial institutions face every day, and the solution to keep your business in compliance and in the good graces of regulators is to file a Suspicious Activity Report (SAR) with the […]

Cryptocompliance 101: AML Training And Why Cryptocurrency Compliance Depends On It Explained

Posted on February 25, 2019 (July 9, 2021)

Whether you’re launching an exchange or are starting small with a cryptocurrency ATM or two, your cryptocurrency business needs a BSA Compliance Officer. As we covered earlier in this series, the BSA Compliance Officer is an essential feature of strong cryptocurrency compliance, keeping your business up-to-date on the latest regulations, and overseeing day-to-day compliance activities. […]

Cryptocompliance 101: Enhanced Due Diligence For Cryptocurrency Business Explained

Posted on February 18, 2019

What is Enhanced Due Diligence in the context of bitcoin and cryptocurrency? Certain customers may trigger enhanced due diligence review based on certain behaviors that regulators consider to pose a higher risk for financial crime like money laundering. Protecting your business from financial criminals, fraudsters, and regulatory scrutiny isn’t a one-and-done task. As we’ve detailed […]

IRS Scams Target Cryptocurrency: What ATM Operators Need To Know

Posted on February 11, 2019

Financial criminals and con artists are constantly evolving their methods, finding new, innovative ways to steal your information, your identity, and your hard-earned money. As we approach tax season in 2019, let’s focus on a unique fraudster scam the IRS and FinCEN warn about every year — tax scams. Over the last couple of years, […]

Cryptocompliance 101: Surveillance And Monitoring For Cryptocurrency Businesses Explained

Posted on February 4, 2019

Once you’ve performed a risk assessment and created a BSA/AML Program and related policies, you’ve laid a foundation of strong compliance for your cryptocurrency money services business (MSB) — but you’re not done yet. Surveillance and monitoring refers to one of the most essential ongoing bitcoin compliance activities. While the AML Program and risk assessment […]

Cryptocompliance 101: Do You Need A Risk Assessment? In Crypto, The Answer Is Yes

Posted on January 28, 2019 (July 2, 2021)

Investing in cryptocurrency is uniquely risky. Its value fluctuates unpredictably, your transactions aren’t insured, and they’re practically irreversible. Just like it’s important for people like you and me to understand crypto’s risks before making our first purchase of bitcoin, it’s infinitely more important for entrepreneurs to understand the complex inherent risks of starting a business […]

Author: Joe Ciccolo

Posts by Joe Ciccolo