Are U.S. cryptocurrency regulations too strict? While critics say that the U.S. regulatory system is stacked against the crypto market, the truth is more nuanced. Still, no one disagrees that improvements could be made. One of the quickest lessons entrepreneurs entering this space need to learn is...
An AML employee training program is critical to the success of BSA/AML compliance for cryptocurrency businesses, but only truly effective if it includes these key elements. Training your new employees on policies and procedures seems like a no-brainer; it's a check-the-box activity. But thinking of it that...
These are the respective risks and compliance countermeasures for the top three most common cryptocurrency business models. If you're an entrepreneur, we'll explain the high-level AML compliance considerations for: Bitcoin ATMs Exchanges P2P Lending If you want to start a business in the cryptocurrency space, there are...
There are over 2,000 Bitcoin ATMs in the United States alone. If you're curious about investing in cryptocurrency, one of these machines might be the easiest way to make a purchase. But how do you use them, and most importantly, how do you know if they're...
A lot of good KYC data can be collected simply by asking to see an ID. Here's what to look for, and what might potentially require you to decline a transaction. For anyone new to AML compliance, topics like Know Your Customer/Customer Due Diligence (KYC/CDD) can sound...
Billions of dollars have been laundered through cryptocurrency exchanges — bitcoin businesses often find themselves on the front lines Money laundering is a significant problem for the world economy. UN figures estimate that upwards of 2 trillion (yes, with a "t") in U.S. dollar-equivalent is laundered through...
Robust risk analysis of the coins offered by money services businesses, including bitcoin ATMs, is an industry best practice that will eventually become a formal AML compliance requirement. When you started your business, you probably didn't think too much about the "risk profile" of the tokens...
You might be good at getting your compliance in tip-top shape ahead of an annual review, but could your business pass a surprise examination today? Cryptocurrency businesses that emphasize a culture of compliance are businesses that are built for the long haul. But what does it...
Even if your business is too small for a Board of Directors or Compliance Officer, certain requirements must be met. In financial institutions, including cryptocurrency money services businesses, the BSA Compliance Officer is in charge of enforcing AML policies and procedures while a Board of Directors...
What's expected of AML compliance during the pandemic? Business as usual, says FinCEN. Economic slowdowns could hurt bitcoin ATM owners, and new, pandemic-inspired scams will threaten consumers, but regulators are telling all financial institutions not to rest on their laurels. Every industry is learning how to adapt...
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