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Is cryptocurrency money? Maybe you immediately answered "yes," or tried to outsmart the question with an answer like, "it's the future of money." The real answer is, "we don't know, and furthermore, we don't know exactly what it is or when that will change." At least, that's...
In a previous post, we talked about the importance of a strong surveillance and monitoring procedure designed to catch suspicious activity and protect cryptocurrency money services businesses (MSBs) and money transmitters from financial crime, like money laundering. As we discussed, good surveillance and monitoring practices are...
As you manage your cryptocurrency business, you will encounter unusual transactions, potentially every day. What do you do? This is a common situation that cryptocurrency financial institutions face every day, and the solution to keep your business in the good graces of regulators is to file...
Whether you're launching an exchange or are starting small with a cryptocurrency ATM or two, your cryptocurrency business needs a BSA Compliance Officer. As we covered earlier in this series, the BSA Compliance Officer is an essential feature of strong cryptocurrency compliance, keeping your business up-to-date...
Protecting your business from financial criminals, fraudsters, and regulatory scrutiny isn't a one-and-done task. As we've detailed throughout our 101 blog series, good cryptocurrency compliance is a day-to-day responsibility. In a recent post, we talked about one of the foundational daily compliance practices for cryptocurrency MSBs:...
Financial criminals and con artists are constantly evolving their methods, finding new, innovative ways to steal your information, your identity, and your hard-earned money. As we approach tax season in 2019, let's focus on a unique fraudster scam the IRS and FinCEN warn about every...
Once you've performed a risk assessment and created a BSA/AML Program and related policies, you've laid a foundation of strong compliance for your cryptocurrency money services business (MSB) -- but you're not done yet. Surveillance and monitoring refers to one of the most essential ongoing cryptocurrency...
Investing in cryptocurrency is uniquely risky. Its value fluctuates unpredictably, your transactions aren't insured, and they're practically irreversible. Just like it's important for people like you and me to understand crypto's risks before making our first purchase of bitcoin, it's infinitely more important for entrepreneurs to...
Remember when you opened your first bank account? We're betting it wasn't as simple as showing up with a bag of money and asking them to hold onto it for a little while. Even opening a simple checking account requires multiple forms of identification, proof of...
If you’re an entrepreneur in the cryptocurrency space, you need to learn about financial regulation quickly. A great first step is learning about the major financial regulators in the industry. We’re continuing our series of cryptocurrency compliance 101 posts to help cryptocurrency business owners understand the regulatory...
