Guidance on suspicious and/or unusual activity reporting for cryptos is always evolving. Here are 3 tips based on the latest compliance best practices for your team to implement. Everyone who operates a cryptocurrency business will see potentially suspicious and/or unusual activity from some of their customers at some point. It’s even plausible that you would […]
Read More… from 3 SAR filing tips based on emerging best practices
First-time or existing customers may be vulnerable to fraudulent investment schemes that promise high returns that never materialize. Here are some red flags businesses should watch for. Of all of the typologies we’ve studied in our blog series on scams in the cryptocurrency space, the investment scam may be the one that many in the […]
Read More… from Crypto investment scams: what businesses need to know for consumer protection
A rider bill that recently passed in the California legislature suggests a stalled regulatory overhaul with big implications for cryptocurrency is once again in motion. Close followers of the BitAML blog will remember an entry from earlier this year which described a proposed shift in the way the state of California performs oversight of its financial […]
Read More… from California’s Crypto Regulatory Framework Is Back In Play
First-time customers attempting to purchase cryptocurrency because they “won the lottery” or some other prize could be victims of a scam in progress. Here’s how to put an end to it. Financial scams are successful because they often mirror legitimate offers, and because scammers successfully apply pressure to their victims to act quickly. While in […]
Read More… from Prize scams: What crypto businesses can do to prepare
If you run a crypto business, be on the lookout for signs of check-cashing scams. This old-fashioned fraud is as prevalent as ever. Even though most of us regularly use modern tools like debit cards and online banking to manage our finances, the good old-fashioned paper check hasn’t gone completely out of style yet. In […]
Read More… from How check-cashing scams could be affecting your customers
This old-fashioned scam is more prevalent than you think — and your customers could be at risk. If you run a cryptocurrency exchange, kiosk network, or other crypto MSB, here’s what you need to do about this fraud. BitAML is continuing its blog series cataloging the various financial scams that result in hundreds of millions […]
Read More… from What is a ‘ticket scam’ and why do cryptos need to understand it?
Americans lose millions in utility scams each year, especially as winter approaches. More scammers are asking for cryptocurrency. BitAML is continuing its blog series on scams in the cryptocurrency industry. These articles are designed primarily to assist cryptocurrency business owners in the enforcement of strong consumer protection, an essential facet not only of AML compliance, […]
Read More… from How a ‘utility scam’ works and what crypto business owners need to know
By providing custodian services to consumers, traditional banks have officially entered the cryptocurrency market in a move with far-reaching implications. By now you’ve likely heard a rumble or two about a recent interpretive letter from regulators that allows banks to become custodians of cryptocurrency. For some, this announcement was met with a shrug. No big […]
Read More… from Why Banks Becoming Crypto Custodians Is Such A Big Story
The Social Security Administration will never call an individual to demand payment in cryptocurrency or any other form. We explain what to do about this common scam. We’re continuing our cryptocurrency scams blog series with a look at an all-too-familiar and unfortunately common scheme: The Social Security scam. Scam activity in the cryptocurrency industry continues […]
Read More… from The ‘Social Security Administration’ scam cryptos should be aware of
