AML Tag

FinCEN guidances have caused no shortage of confusion in the cryptocurrency community. The watchdog group has detailed the current financial laws and regulations that apply to cryptocurrency businesses several times over the past few years, but each subsequent announcement only seems to muddy the waters....

It's no secret that regulators and the cryptocurrency industry have a rocky history together. Both frequently misunderstand and work past each other, even though regulators and cryptocurrency business owners share the same goal: fostering the conditions that lead to a fair, competitive, and healthy market. The relationship...

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...

One of the most challenging things about cryptocurrency compliance is the fact that MSB/money transmitters not only need to observe federal regulations but every individual state’s unique financial regulations as well.  This might not be that bad if you’re just opening a single crypto ATM in...

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...

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....

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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