A look at how cryptocurrency is changing compliance

Cryptocurrency financial institutions have invested significant resources into complying with traditional financial regulations. But how is this new technology improving financial compliance as a whole? We spend a lot of time at the BitAML blog advising cryptocurrency business owners and up-and-coming entrepreneurs about how to build compliance operations. Cryptocurrency is still very much in its […]

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5 more red flags for cryptos based on new trends

We’ve written about red flags businesses should add to their transaction monitoring before. Now, we’re offering 5 more based on recent trends. Transaction monitoring is a front-line compliance responsibility that is mission-critical to financial institutions.  We’ve written at length about the importance of robust surveillance and monitoring at the blog before. If you haven’t read […]

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3 improvements you should make to your AML program this year

This year saw numerous changes, both subtle and overt, to cryptocurrency AML compliance. As 2020 draws to a close, here are some improvements you should make to your BSA/AML Program to reflect them.   Note: we wrote a follow up piece related to crypto AML compliance for 2023: Navigating AML Compliance Changes in the Cryptocurrency […]

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More pressure from regulators to banks: Ease up on crypto

The OCC is pressing banks to ease discrimination against cryptocurrency businesses. The notice could have big implications for banking crypto. While the purpose of the BitAML blog is primarily to educate cryptocurrency business owners and entrepreneurs about AML compliance topics, we do occasionally grab small regulatory stories that could have big implications for the industry. […]

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Do you need a license to trade cryptocurrency?

The answer is: it depends on what kind of trading you’re engaged in. We take a closer look at what kind of trading activities constitute money transmission, and require licensure. While there is no shortage of confusing, vague, and sometimes contradictory guidelines in the context of cryptocurrency regulation, the question of whether or not trading […]

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3 big regulatory trends that will impact cryptocurrency in 2021

The cryptocurrency regulatory landscape continues to shift rapidly, and next year will show no signs of slowing down. Here are the 3 biggest trends that BitAML is keeping an eye on as we head into 2021. A little over a year ago, we wrote here that regulators had finally begun “waking up” to cryptocurrency. It seemed as […]

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Ransomware scams are on the rise: What cryptos need to know for SAR filing

FinCEN and OFAC released joint advisories warning businesses about an increase in ransomware scams, along with new instructions for Suspicious Activity Report (SAR) filing. Here’s what cryptocurrency businesses need to know. On October 1, 2020, both the Financial Crimes Enforcement Network (FinCEN) and the Office of Foreign Assets Control (OFAC) released advisories warning businesses and […]

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3 risks your customers need to be aware of

Regulators are increasingly turning their focus to the crypto space, and consumer protection continues to be a major theme. What can businesses do to show they take consumer protection concerns seriously? Start with disclosures. There are two trends in cryptocurrency we’re watching: first, the steady increase of consumer adoption, and second, the increase in regulatory […]

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Banks are highly exposed to crypto, and FinCEN has noticed

FinCEN Director Kenneth A. Blanco pointedly warns traditional banks to understand their exposure to crypto in keynote remarks. Anyone who runs a cryptocurrency financial institution can tell you that getting a business account at a traditional bank is incredibly difficult. Banks are, as a rule, skeptical of the cryptocurrency space for many of the same […]

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