If you’re newer to crypto, you might hear the acronyms HIFCA and HIDTA tossed about in relation to risk analysis. if so, you've probably wondered what they mean. If you're just looking for a quick answer, this post will explain what HIFCA and HIDTA are in...
How do crypto exchanges select the coins they offer their customers? It’s not as simple as picking a popular coin and figuring out how to support it. Today, crypto exchanges have to consider regulations and compliance with every decision they make, including which coins to select. With...
Cryptocurrency businesses (specifically money services businesses (MSBs) money transmitters), whether consisting of large, international crypto exchanges or a single bitcoin ATM, must monitor transactions as part of a robust AML compliance program. Financial criminals are increasingly attracted to crypto to execute their money laundering schemes. Whether a...
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...
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