When consumers receive a call from a ‘family member’ who claims to be in some kind of trouble and is asking for a payment in cryptocurrency, it’s most likely a scam. Financial scams are on the rise, and the cryptocurrency industry is far from immune. While most financial and law enforcement experts are concerned about […]
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Bitcoin businesses tend to attract crypto enthusiasts as employees. But does allowing your employees also to be your customers cross an ethical (or legal) line? Let’s say you work for a prominent cryptocurrency exchange. The exchange is considering listing a brand new coin. We’ll call it Bobcoin. The executive(s), i.e., your boss(es) are doing their […]
The time has come for entrepreneurs in the bitcoin and cryptocurrency space to implement robust consumer protection protocols. Here’s how. Consumer protection is an evolving topic in cryptocurrency. Though crypto continues to attract growing consumer interest, concrete information on the risks of transacting isn’t often readily available. This leaves consumers in the dark as to […]
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Are U.S. cryptocurrency regulations too strict? While critics say that the U.S. regulatory system is stacked against the crypto market, the truth is more nuanced. Still, no one disagrees that improvements could be made. One of the quickest lessons entrepreneurs entering this space need to learn is that crypto regulation is a complicated topic in […]
An AML training program for employees is critical to the success of BSA/AML compliance for cryptocurrency businesses, but only truly effective if it includes these key elements. Training your new employees on policies and procedures seems like a no-brainer; it’s a check-the-box activity. But thinking of it that way minimizes how mission-critical AML training is […]
These are the respective risks and compliance countermeasures for the top three most common cryptocurrency business models. If you’re an entrepreneur, we’ll explain the high-level AML compliance considerations for: Bitcoin ATMs Exchanges P2P Lending If you want to start a business in the cryptocurrency space, there are plenty of models to choose from. There’s a […]
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There are over 2,000 Bitcoin ATMs in the United States alone. If you’re curious about investing in cryptocurrency, one of these machines might be the easiest way to make a purchase. But how do you use them, and most importantly, how do you know if they’re safe? Thinking about finally getting into bitcoin? You’re not […]
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A lot of good KYC data can be collected simply by asking to see an ID. Here’s what to look for, and what might potentially require you to decline a transaction. For anyone new to AML compliance, topics like Know Your Customer/Customer Due Diligence (KYC/CDD) can sound daunting. This doesn’t need to be the case. While […]
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Billions of dollars have been laundered through cryptocurrency exchanges — bitcoin businesses often find themselves on the front lines Money laundering is a significant problem for the world economy. UN figures estimate that upwards of 2 trillion (yes, with a “t”) in U.S. dollar-equivalent is laundered through the global financial system every year. While criminals use […]
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