KYC Tag

Bitcoin businesses tend to attract crypto enthusiasts as employees. But does allowing your employees also to be your customers cross an ethical (or legal) line? Let's say you work for a prominent cryptocurrency exchange. The exchange is considering listing a brand new coin. We'll call it Bobcoin....

A lot of good KYC data can be collected simply by asking to see an ID. Here's what to look for, and what might potentially require you to decline a transaction. For anyone new to AML compliance, topics like Know Your Customer/Customer Due Diligence (KYC/CDD) can sound...

A wide range of customer behaviors could read suspiciously. How do you know for sure? Though this is not a complete list, we explain 5 common typologies. Watching for suspicious activity is a key part of keeping your cryptocurrency business in compliance. Of course, your primary...

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....

Know Your Customer (KYC) and Customer Due Diligence (CDD) are mission-critical components of successful bitcoin 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...

The cryptocurrency industry is faced with numerous unique challenges. But the most consequential is the need to demonstrate legitimacy, particularly to increasingly hawkish regulators and a skeptical mainstream. Entrepreneurs are attracted to the space for understandable reasons. Cryptocurrency is new, it's exciting, and it's innovative. There's...

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...

In 2014, JPMorgan Chase Bank, N.A. admitted to violating the Bank Secrecy Act. The bank had failed to report dubious transactions which were connected to fraudster Bernard Madoff's Ponzi scheme. The Financial Crimes Enforcement Network (FinCEN) fined JPMorgan $461 million. Then, in 2016, FinCEN went after Gibraltar Private...

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