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...
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...
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...
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...
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...
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 be successful in a crypto business it’s essential to follow proper rules and regulations....
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...
How risky is it to start a business in the cryptocurrency space? We're not talking about personal financial risk, like the risk of losing an investment in a startup, or your own profits if the crypto market is down. When we talk about risk, we're talking about...
Know Your Customer (KYC) and Customer Due Diligence (CDD) are mission-critical components of successful cryptocurrency compliance. But like most things, their value is dependent on their efficacy. How do cryptocurrency businesses stay ahead of rapidly evolving and increasingly sophisticated financial crime in the space? Simple. By...
Are you confused about the Funds Travel Rule and how it applies to crypto? If so, you're hardly alone. Even blockchain and cryptocurrency experts are still trying to work out the details. Though the initial confusion over the surprise ruling has died down in recent weeks,...
Our experts are happy to help. Submit the form below for a free, no-pressure 30-minute consultation.
