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...
We've explained how the Funds Travel Rule applies to cryptocurrency businesses, but what's the best way to record compliance with the guidance? To this day, no topic in bitcoin compliance causes more confusion than the Funds Travel Rule. Though there has been significant commentary about how the Travel...
A wide range of customer behaviors could read suspiciously. How do you know for sure? Though this is not a complete list, we explain 5 common typologies. Watching for suspicious activity is a key part of keeping your cryptocurrency business in compliance. Of course, your primary...
How do I start a cryptocurrency or bitcoin business? Crafting a business plan is usually step #1, but in a fraught and ambiguous regulatory landscape, entrepreneurs in the space must focus on AML compliance first. There are no shortage of blog posts or "ultimate guides" out...
Yes, expanding the geographic scope of your cryptocurrency money service business brings new risks. Here's what you need to know. Let's say things are going well with your cryptocurrency business. Maybe you're a bitcoin ATM owner and you've come out of your startup shell, or you're...
Legislation being considered in California and New Jersey, as well as other regulatory signals around the U.S., are a reminder that businesses in the bitcoin/cryptocurrency space must prioritize consumer protection. We offer some practical tips you can implement right away. It's easy, in a new industry, to...
AML compliance is complex, and it can be difficult for cryptocurrency businesses and startups to dot every last I. Here are some of the most commonly-overlooked bitcoin compliance essentials we run into. Putting together an AML compliance program should be at very the top of the...
When you decide to start a cryptocurrency business, there are very specific AML compliance tasks that you need to take care of before you open your doors. You’ll need to perform a risk assessment and implement an AML compliance program that satisfies the pillars of the Bank...
You're not done once you get your MTL license in-hand. In fact, the hard part has just begun. More and more states are requiring cryptocurrency businesses to obtain money transmitter licenses, and this is a trend that's only going in one direction — toward more states...
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