Joe Ciccolo - BitAML

NEWS: ComplyFit Brokers New Agreement with Cryptocurrency ATM Operator CoinFlip to Take State Regulation and Reporting to the Next Level

Posted on May 18, 2021 (October 13, 2022)

Partnership allows Crypto ATM Company to Streamline Compliance Roseville, CA — May 18, 2021—ComplyFit, the leader in money transmitter licensee reporting, announced a new partnership agreement with CoinFlip, the leading global Bitcoin ATM operator, to organize and streamline the company’s compliance efforts at the state and federal level. CoinFlip currently operates in 46 states and […]

How to prepare your business for a cybersecurity review

Posted on March 8, 2021 (October 13, 2022)

As cybersecurity becomes increasingly important in the crypto space, regular cybersecurity reviews will be key to staying on the cutting edge. Here’s what your business can do to prepare for a cybersecurity review, in order to get the most out of the experience. Cryptocurrency businesses that take AML compliance seriously will be intimately familiar with […]

UPDATED: What cryptos need to know about cybersecurity

Posted on March 1, 2021 (October 13, 2022)

It’s time for every cryptocurrency business, from exchanges to kiosk operators, to take cybersecurity more seriously. The problem? You’re pretty much on your own. We answer some common questions to help your business stay on the bleeding edge of this growing concern. While cryptocurrencies offer users innovative benefits of financial ownership, access, and mobility that […]

CFPB: Consumer protection is ramping up in crypto. Are you ready?

Posted on February 22, 2021 (October 13, 2022)

The Consumer Financial Protection Bureau (CFPB) had harsh words recently for companies failing to respond to consumer complaints. Guess what kinds of companies feature prominently? Let’s take a trip back to mid-2018. It was right about then that BitAML first advised crypto business owners to be proactive about consumer protection, particularly consumer complaints. The advice […]

How to spot scammers exploiting remote cryptocurrency transactions

Posted on February 1, 2021 (October 13, 2022)

Consumers are increasingly transacting cryptocurrency remotely, and financial criminals are taking advantage of the trend. What does this mean for your institutional compliance? Cryptocurrency moved closer to mainstream adoption more quickly toward the end of 2020 than at any other point in its history. The price of bitcoin has experienced what could only be described […]

Should automating compliance be your ultimate goal?

Posted on January 25, 2021 (October 13, 2022)

So you’ve automated a lot of your AML compliance. Now what? Here’s why cryptocurrency businesses shouldn’t rest on their laurels. Most entrepreneurs in the cryptocurrency space don’t exactly sign up to start a business because they’re interested in BSA/AML compliance. They’re attracted to technology and innovation and the good-old-fashioned promise of finding success as a […]

What businesses should do about FinCEN’s crypto wallet rule

Posted on January 18, 2021 (October 14, 2022)

A new proposed rule requiring cryptos to identify personal wallets has been criticized as impossible to implement. Will it happen? We don’t know. But, here’s what your business can do about it. Late last year, FinCEN released a controversial notice of proposed rulemaking, which would require cryptocurrency exchanges to identify information from the wallets of […]

3 areas of state regulatory focus as ‘no action’ comes to an end

Posted on January 11, 2021 (October 14, 2022)

As more states explore regulatory frameworks for cryptocurrency business, here are the key areas BitAML has advised policymakers on. While we at BitAML primarily work with cryptocurrency business owners to help them meet their AML compliance obligations, we are occasionally asked for input from policymakers doing research to inform potential frameworks for cryptocurrency regulation. In […]

6 helpful tips to prepare for your annual third-party review

Posted on January 4, 2021 (October 14, 2022)

The timeframe for independent testing has shortened. Here’s what you can do to prepare for your next review including 6 helpful tips. As we’ve said numerous times, your AML compliance program is only as good as a third party says it is. Cryptocurrency businesses that take their AML obligations seriously routinely schedule outside independent testing […]

Author: Joe Ciccolo

Posts by Joe Ciccolo