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...
Crypto lenders qualify as financial institutions and must adhere to the same compliance regulations as Bitcoin ATMs and crypto exchanges. Unlike ATM operators, crypto lenders are not money transmitters. However, the same compliance standards related to the Bank Secrecy Act (BSA) and anti-money laundering (AML) apply. As...
Cryptocurrency compliance can be challenging, so today, we’re focusing on what crypto exchanges need to do to be compliant with relevant regulations as part of a new mini-series explaining compliance basics for aspiring or new entrepreneurs in the space. Is your crypto exchange BSA/AML compliant? Let’s dig...
Entrepreneurship in the cryptocurrency space can be incredibly rewarding. However, with opportunity comes challenges, and for cryptopreneurs, BSA/AML compliance is a big challenge. We’ve been developing a series of articles about cryptocurrency compliance for Money Services Businesses (MSBs) that explain compliance basics for aspiring crypto entrepreneurs,...
Cryptocurrency money services businesses (MSBs) may receive law enforcement requests from time to time. While it’s natural to want to help law enforcement, as a crypto MSB, you need to consider applicable laws before you respond. Why wouldn’t you instantly respond to a request from law...
Monitoring for unusual or suspicious transactions is arguably the most critical day-to-day responsibility cryptocurrency money services businesses (MSBs) and money transmitters must perform in order to enforce robust cryptocurrency compliance. About a quarter of our cryptocompliance 101 blog posts cover the topic from different vantage points....
On-demand workplace platform also streamlines numerous day-to-day institutional compliance tasks including reporting, record-keeping, and transaction monitoring. Financial institutions (FIs) in the cryptocurrency industry face significant challenges regularly updating customary money transmitter license (MTL) requirements, as well as a variety of other daily compliance activities. To help...
Your AML compliance program is only as good as a third party says it is. Thus, annual AML audits are required of all financial institutions, including businesses in the cryptocurrency space and crypto MSBs. The four pillars of BSA/AML compliance established by the Bank Secrecy Act...
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