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Turnkey AML Program
We work closely with your business to develop a full set of AML compliance policies, procedures, and protocols designed to exceed regulatory expectations at every level of government.
Generally, the programs will include a Risk Assessment, a complete AML Program, and detailed policies to address Know Your Customer/Customer Due Diligence (KYC/CDD), Enhanced Due Diligence (EDD), Transaction Monitoring, Suspicious Activity Report (SAR) Filing, Currency Transaction Report (CTR), Monetary Instrument Log, Employee Training, and more.
Annual AML Audit
Annual independent AML audits are required every 12-18 months and are fundamental to maintaining effective and legal AML compliance.
Our team will work closely with your business to analyze every corner of your AML function and offer detailed, actionable recommendations based on severity. We will also provide narrative support for processes that are particularly strong within your financial institution so that you can track your progress each year. Audits will also comment on strong AML compliance practices and offer tips for building on institutional successes.
Employee AML Training
AML training for all employees of your business, including board members and C-suite executives, should occur at least annually to account for regulatory changes and the latest best practices.
BitAML offers a 2.5-hour remote training session guided by our experts which includes a mix of presentation, sectional quizzes, interactive scenario-based exercises, and Q&A.
Compliance Management Software
Financial institutions from crypto startups to international exchanges have numerous compliance responsibilities to manage, including reporting and state licensure.
These responsibilities can be time-consuming at every stage of growth, which is why BitAML developed ComplyFit, a lean, user-friendly money transmitter license maintenance solution for cryptocurrency financial institutions. ComplyFit makes state regulatory reporting and renewal easier and faster. Demo ComplyFit here.
Cybersecurity, Disaster Recovery
Security compliance is a growing concern in the cryptocurrency space as regulators grow increasingly concerned about consumer protection. The risk of financial loss, reputational damage, and a loss of consumer confidence resulting from a cyber attack or “hack” is an increasing worry for crypto financial institutions.
To assist businesses, BitAML offers a complete cybersecurity audit which results in the development of customized policies and protocols to tighten security gaps designed to exceed regulatory expectations by adopting the stringent frameworks of New York and Washington State.
Consumer-friendly cryptocurrency regulations being considered in multiple states speak to a growing concern about consumer protection in the market.
As a remedy for businesses, BitAML provides a consumer protection policy and procedure which includes the appropriate consumer disclosures, notice of risks, and consumer complaint remediation.