Records retention – it may not be the most exciting topic, but it’s definitely one of the most important for cryptocurrency businesses. Why? Because every crypto MSB/money transmitter is required to keep specific documents for certain periods of time in order to stay in compliance with...
It's an unfortunate reality that the cryptocurrency space has its fair share of scams, including romance scams. According to data from the Federal Trade Commission (FTC), Americans lost $143 million to romance scams in 2018 from 21,000 consumer-reported incidents. That’s up from $88 million in 2017...
Cryptocurrency compliance can be challenging, so today, we’re focusing on what crypto exchanges need to do to be compliant with relevant regulations as part of a new mini-series explaining compliance basics for aspiring or new entrepreneurs in the space. Is your crypto exchange BSA/AML compliant? Let’s dig...
Cryptocurrency money services businesses (MSBs) may receive law enforcement requests from time to time. While it’s natural to want to help law enforcement, as a crypto MSB, you need to consider applicable laws before you respond. Why wouldn’t you instantly respond to a request from law...
Are all bitcoin or cryptocurrency businesses considered money services businesses by regulators? Most cryptocurrency businesses are indeed considered money services businesses (more specifically, money transmitters) by regulators like FinCEN. Here's what that means. Despite the fact that regulators and financial groups are taking cryptocurrency more seriously, there's...
The following is an excerpt from an article published on NASDAQ.com and Bitcoin Magazine in which BitAML founder, Joe Ciccolo, analyzes the recent FinCEN enforcement action with Western Union, and lessons learned. There are several takeaways from the experience of this legacy organization for money transfers that...
The following is an excerpt from an article published on Moneylaundering.com in which BitAML founder, Joe Ciccolo, shares his thoughts on the evolution of fintech compliance. “…Some fintech firms have registered as money services business—perhaps the most familiar category of financial customer to bankers and regulators...
The following is an interview of BitAML Founder & President, Joe Ciccolo, originally published on CoinIdol. In it, Joe discusses the regulatory compliance implications for newly released portable bitcoin ATM devices. The Portable Bitcoin ATM presented by LocalBitcoins in October 2016, may cause MSB compliance issues....
Earlier this week, FinCEN released a transcript of prepared remarks delivered by Deputy Director Jamal El-Hindi to the Conference of State Bank Supervisors (CSBS) on May 26th. The topic of discussion was bank “de-risking”. This, of course, remains a critical concern for bitcoin companies, most of whom struggle...
Recently, FinCEN issued a Geographic Targeting Order (GTO) requiring certain title agencies in New York and Miami to identify cash buyers of real estate. GTOs are a tool utilized by FinCEN to compel certain additional record-keeping and reporting requirements on financial institutions, non-financial trades, or...
