Joe Ciccolo - BitAML

How Cryptocurrency Businesses Can Get On The Good Side Of Regulators

Posted on November 25, 2019 (December 11, 2020)

It’s no secret that state regulators and the cryptocurrency industry have a rocky history together. Both frequently misunderstand and work past each other, even though regulators and cryptocurrency business owners share the same goal: fostering the conditions that lead to a fair, competitive, and healthy market. The relationship is also somewhat strained by the fact […]

3 Common Risk Assessment Mistakes Crypto Businesses Make

Posted on November 17, 2019

It’s vital to control for the risks that come with running a cryptocurrency business, but how do you identify those risks in the first place? The first step all cryptos must take (before they open for business) is to compile a risk assessment. A cryptocurrency risk assessment is a critical starting point toward developing the […]

Top 3 Mistakes Cryptocurrency Businesses Make In Their Annual Audit

Posted on November 11, 2019

To operate as a cryptocurrency money services business (MSB)/money transmitter, you need to complete the registration process through the Financial Crimes Enforcement Network’s (FinCEN’s) online platform. Part of the registration process includes the agreement with regulatory guidelines and adherence to certain requirements to maintain compliance. One of those requirements is the implementation of an anti-money […]

How To Determine Whether Your Crypto Business Requires MTL Licensure

Posted on November 4, 2019

One of the most challenging things about cryptocurrency compliance is the fact that MSB/money transmitters not only need to observe federal regulations but every individual state’s unique financial regulations as well. This might not be that bad if you’re just opening a single crypto ATM in your town, but if you expand to other states, […]

3 Biggest Challenges In Cryptocurrency Compliance Coming In 2020

Posted on October 28, 2019

As we approach 2020, it’s important to keep an eye on how regulators are reacting to cryptocurrency businesses. In 2019, we saw regulators seemingly “wake up” to issues in the industry, and they issued a large number of new rules as a result. This doesn’t mean that regulators want to destroy crypto or cut the […]

The 3 Most Frequent Cryptocurrency Compliance Errors And How To Fix Them

Posted on October 21, 2019 (March 19, 2021)

Having an anti-money laundering (AML) process in place is step one for any reputable crypto business. However, even those with the best intentions have holes in their programs. Unfortunately, these gaps can cause you to face significant fines and may even result in your company becoming associated with criminal activity. How can you be sure […]

Crypto Compliance: Everything You Need to Know About Doing Business In The U.S.

Posted on October 14, 2019

Though there are countries around the world that are more friendly to cryptocurrency businesses, a lot of companies have their sights set on the United States. If you can get established in the U.S., you gain access to many more potential customers and can grow significantly. However, meeting the standards for cryptocurrency regulation in the […]

Cryptocompliance 101: How To Know If A Customer Is A Politically Exposed Person (PEP)

Posted on October 7, 2019 (June 18, 2021)

It’s an exciting time to be involved in a cryptocurrency business because the industry is so new and growing so quickly. It’s a lucrative pursuit and demand is increasing rapidly. However, to run a successful crypto business, it’s essential to follow proper rules and regulations. Not only do want to avoid hot water with FinCEN, […]

Cryptocompliance 101: How To File Suspicious Activity Report (SAR) For Crypto Business

Posted on September 30, 2019 (July 16, 2021)

When a suspicious transaction takes place, the right people need to know. A Suspicious Activity Report (SAR) is the tool financial institutions use to report potential suspicious activity to the authorities. But do you know when to fill out a SAR? Or why SARs are even relevant to cryptocurrency? The truth is that filling out […]

Author: Joe Ciccolo

Posts by Joe Ciccolo