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...
Cryptocurrency is an industry bursting with seemingly limitless possibility. Every day, startups are entering the scene with new and innovative ideas, products, and services. The possibility of building something unique, contributing to Satoshi’s vision, and perhaps even making a little history have come together to...
Let’s start with the basics. “Cryptocurrency” refers to digital currencies that are completely decentralized, meaning they operate independently of a central bank. Instead, these “coins” or “tokens” and their trade are regulated by an enthusiast community that records transactions transparently in a public digital ledger...
It's pretty common for cryptocurrency entrepreneurs to feel a little overwhelmed when they first enter the space. Compliance tends to be one of the bigger knowledge gaps, and closing it is not only essential to the success of your business, it's the law. That's why BitAML is...
BSA/AML is an important facet of compliance in the traditional financial sector. If you're running a cryptocurrency business, you've probably heard about BSA/AML guidelines. More likely, you've heard that failing to implement these guidelines carries severe penalties for your business. While this is true, you might...
