The United States and countries around the world regulate commerce and finance in an effort to create safe, fair, and competitive markets. In other words, regulation isn’t new, and it’s not restricted to cryptocurrency. Stocks, commodities, and government currency are each regulated by specific government...
Cryptocurrency theft has been on the rise for years with crypto scams climbing to $1.2 billion in the first quarter of 2019 according to data from CipherTrace. A growing number of those scams are happening on classifieds websites like Craigslist and involve a wide variety...
Records retention – it may not be the most exciting topic, but it’s definitely one of the most important for cryptocurrency businesses. Why? Because every crypto MSB/money transmitter is required to keep specific documents for certain periods of time in order to stay in compliance with...
Any financial institution, including a cyptocurrency money services business (MSB) money transmitter, with a poor culture of compliance is likely to have problems with its BSA/AML compliance program. Don’t just take our word for it. That conclusion comes directly from FinCEN’s 2014 advisory (FIN-2014-A007), which said,...
Most crypto businesses are considered money services businesses (MSBs) money transmitters, meaning they are required to comply with the Bank Secrecy Act (BSA) by developing a comprehensive anti-money laundering (AML) compliance program. For years, crypto MSBs/money transmitters and other financial institutions were required to adopt procedures...
It's an unfortunate reality that the cryptocurrency space has its fair share of scams, including romance scams. According to data from the Federal Trade Commission (FTC), Americans lost $143 million to romance scams in 2018 from 21,000 consumer-reported incidents. That’s up from $88 million in 2017...
Interested in investing in crypto but feeling overwhelmed with no idea where to start? You’re not alone. Investing in crypto can seem scary with so many stories about people being scammed making the rounds on news outlets and social media. Like many industries, there are bad...
If you know someone over the age of 60, then they are unfortunately at risk for something called elder financial exploitation (EFE). EFE is a major societal problem, and unfortunately, a growing trend in the crypto space that has implications for AML compliance and reporting...
In 2018, approximately $1.7 billion worth of cryptocurrency was stolen and/or scammed according to a report from CipherTrace, and $1 billion of it was taken from exchanges. The reality is that crypto crime is on the rise with 3.6 times more coins stolen in 2018...
A record number of crypto hedge funds launched in 2018, which means they’re getting more attention every day. While cryptocurrency hedge funds aren’t mentioned in the Bank Secrecy Act (BSA), experts recommend that all hedge funds develop comprehensive BSA compliance programs to reduce risk and...
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