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...
It’s an exciting time to be involved in a cryptocurrency business because the industry is so new and growing so quickly. It’s a lucrative pursuit and demand is increasing rapidly. However, to be successful in a crypto business it’s essential to follow proper rules and regulations....
When a suspicious transaction takes place, the right people need to know. A Suspicious Activity Report (SAR) is the tool financial institutions use to report potential suspicious activity to the authorities. But do you know when to fill out a SAR? Or why SARs are even...
Are you confused about the Funds Travel Rule and how it applies to crypto? If so, you're hardly alone. Even blockchain and cryptocurrency experts are still trying to work out the details. Though the initial confusion over the surprise ruling has died down in recent weeks,...
Does your cryptocurrency business have a board of directors? It should. For financial institutions and money services businesses (including crypto MSBs), the board of directors provides essential oversight to ensure a business operates safely and in compliance with all relevant laws and regulations. No matter what type...
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 broad...
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....
