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...
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...
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...
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....
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...
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