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...
It's becoming increasingly more common for financial institutions, including businesses in the crypto space, to receive grand jury subpoenas. Thus, it’s very possible that your cryptocurrency business could be the recipient of one in the not so distant future. The important question is, how should...
Every year, federal agencies (primarily the FBI) issue thousands of National Security Letters (NSLs) to gather information they believe will help national security-related investigations and protect against terrorism and “clandestine intelligence activities.” While cryptocurrency businesses don’t receive NSLs often, the number of NSLs issued has been...
Is cryptocurrency money? Maybe you immediately answered "yes," or tried to outsmart the question with an answer like, "it's the future of money." The real answer is, "we don't know, and furthermore, we don't know exactly what it is or when that will change." At least, that's...
In a previous post, we talked about the importance of a strong surveillance and monitoring procedure designed to catch suspicious activity and protect cryptocurrency money services businesses (MSBs) and money transmitters from financial crime, like money laundering. As we discussed, good surveillance and monitoring practices are...
As you manage your cryptocurrency business, you will encounter unusual transactions, potentially every day. What do you do? This is a common situation that cryptocurrency financial institutions face every day, and the solution to keep your business in the good graces of regulators is to file...
Whether you're launching an exchange or are starting small with a cryptocurrency ATM or two, your cryptocurrency business needs a BSA Compliance Officer. As we covered earlier in this series, the BSA Compliance Officer is an essential feature of strong cryptocurrency compliance, keeping your business up-to-date...
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:...
