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...
Can cryptocurrency businesses be subjected to IRS Title 31 exams? In short, yes. The IRS uses Title 31 to prevent money laundering, meaning more and more cryptocurrency businesses could face the examination. When you were in school, you probably hated tests — especially those pop quizzes...
It’s vital to control for the risks that come with running a cryptocurrency business, but how do you identify those risks in the first place? The first step all cryptos must take (before they open for business) is to compile a risk assessment. A cryptocurrency risk...
To operate as a cryptocurrency money services business (MSB)/money transmitter, you need to complete the registration process through the Financial Crimes Enforcement Network’s (FinCEN’s) online platform. Part of the registration process includes the agreement with regulatory guidelines and adherence to certain requirements to maintain compliance. One...
Having an anti-money laundering (AML) process in place is step one for any reputable crypto business. However, even those with the best intentions have holes in their programs. Unfortunately, these gaps can cause you to face significant fines and may even result in your company becoming...
Know Your Customer (KYC) and Customer Due Diligence (CDD) are mission-critical components of successful cryptocurrency compliance. But like most things, their value is dependent on their efficacy. How do cryptocurrency businesses stay ahead of rapidly evolving and increasingly sophisticated financial crime in the space? Simple. By...
Starting a new business in crypto is risky. It's a new industry built on new technology. New industry means unclear regulatory expectations, and new technology means an increased inherent risk for criminal activity. On top of the usual risks of starting a new business in a...
Cryptocurrency businesses (specifically money services businesses (MSBs) money transmitters), whether consisting of large, international crypto exchanges or a single bitcoin ATM, must monitor transactions as part of a robust AML compliance program. Financial criminals are increasingly attracted to crypto to execute their money laundering schemes. Whether a...
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