compliance Tag

The Social Security Administration will never call an individual to demand payment in cryptocurrency or any other form. We explain what to do about this common scam. We're continuing our cryptocurrency scams blog series with a look at an all-too-familiar and unfortunately common scheme: The Social...

These are the respective risks and compliance countermeasures for the top three most common cryptocurrency business models. If you're an entrepreneur, we'll explain the high-level AML compliance considerations for: Bitcoin ATMs Exchanges P2P Lending If you want to start a business in the cryptocurrency space, there are...

There are over 2,000 Bitcoin ATMs in the United States alone. If you're curious about investing in cryptocurrency, one of these machines might be the easiest way to make a purchase. But how do you use them, and most importantly, how do you know if they're...

Robust risk analysis of the coins offered by money services businesses, including bitcoin ATMs, is an industry best practice that will eventually become a formal AML compliance requirement. When you started your business, you probably didn't think too much about the "risk profile" of the tokens...

You might be good at getting your compliance in tip-top shape ahead of an annual review, but could your business pass a surprise examination today? Cryptocurrency businesses that emphasize a culture of compliance are businesses that are built for the long haul. But what does it...

Even if your business is too small for a Board of Directors or Compliance Officer, certain requirements must be met. In financial institutions, including cryptocurrency money services businesses, the BSA Compliance Officer is in charge of enforcing AML policies and procedures while a Board of Directors...

What's expected of AML compliance during the pandemic? Business as usual, says FinCEN. Economic slowdowns could hurt bitcoin ATM owners, and new, pandemic-inspired scams will threaten consumers, but regulators are telling all financial institutions not to rest on their laurels. Every industry is learning how to adapt...

We've explained how the Funds Travel Rule applies to cryptocurrency businesses, but what's the best way to record compliance with the guidance? To this day, no topic in bitcoin compliance causes more confusion than the Funds Travel Rule. Though there has been significant commentary about how the Travel...

How do I start a cryptocurrency or bitcoin business? Crafting a business plan is usually step #1, but in a fraught and ambiguous regulatory landscape, entrepreneurs in the space must focus on AML compliance first. There are no shortage of blog posts or "ultimate guides" out...

Yes, expanding the geographic scope of your cryptocurrency money service business brings new risks. Here's what you need to know. Let's say things are going well with your cryptocurrency business. Maybe you're a bitcoin ATM owner and you've come out of your startup shell, or you're...

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