Robust risk analysis of the coins offered by money services businesses, including bitcoin ATMs, is an industry best practice that will eventually become a formal AML compliance requirement. When you started your business, you probably didn’t think too much about the “risk profile” of the tokens you offer. And who can blame you? After all, […]
Read More… from Token Risk Analysis: A Best Practice For Bitcoin Compliance
You might be good at getting your compliance in tip-top shape ahead of an annual review, but could your business pass a surprise examination today? Cryptocurrency businesses that emphasize a culture of compliance are businesses that are built for the long haul. But what does it mean to practice good compliance every day? It starts […]
Read More… from 8 Important Ways You Can Test Your Compliance
Even if your business is too small for a Board of Directors or Compliance Officer, certain requirements must be met. In financial institutions, including cryptocurrency money services businesses, the BSA Compliance Officer is in charge of enforcing AML policies and procedures while a Board of Directors is ultimately responsible for the institution’s overall AML compliance. […]
Read More… from When Will I Need A Board Or BSA Compliance Officer?
What’s expected of AML compliance during the pandemic? Business as usual, says FinCEN. Economic slowdowns could hurt bitcoin ATM owners, and new, pandemic-inspired scams will threaten consumers, but regulators are telling all financial institutions not to rest on their laurels. Every industry is learning how to adapt to the coronavirus pandemic in real-time, and cryptocurrency […]
Read More… from A Warning To Businesses About COVID-19 Compliance And Scams
We’ve explained how the Funds Travel Rule applies to cryptocurrency businesses, but what’s the best way to record compliance with the guidance? To this day, no topic in bitcoin compliance causes more confusion than the Funds Travel Rule. Though there has been significant commentary about how the Travel Rule applies to cryptocurrency and the challenges therein, […]
A wide range of customer behaviors could read suspiciously. How do you know for sure? Though this is not a complete list, we explain 5 common typologies. Watching for suspicious activity is a key part of keeping your cryptocurrency business in compliance. Of course, your primary business is to facilitate cryptocurrency transactions, but it has […]
Read More… from Common Ways Your Customers May Try To Avoid KYC
How do I start a cryptocurrency or bitcoin business? Crafting a business plan is usually step #1, but in a fraught and ambiguous regulatory landscape, entrepreneurs in the space must focus on AML compliance first. There are no shortage of blog posts or “ultimate guides” out there that will walk you through starting a bitcoin […]
Read More… from How To Start A Cryptocurrency Business: Critical First Steps
Yes, expanding the geographic scope of your cryptocurrency money service business brings new risks. Here’s what you need to know. Let’s say things are going well with your cryptocurrency business. Maybe you’re a bitcoin ATM owner and you’ve come out of your startup shell, or you’re a small exchange looking to test new markets. Cryptocurrency […]
Read More… from Expanding To Another Country? Here Are The Risks
Legislation being considered in California and New Jersey, as well as other regulatory signals around the U.S., are a reminder that businesses in the bitcoin/cryptocurrency space must prioritize consumer protection. We offer some practical tips you can implement right away. It’s easy, in a new industry, to get swept up in the excitement of creating, […]
