Cross-border cyryptocurrency compliance

AML/ATF fundamentals for virtual brokers and exchanges

With virtual currencies expected to become more prevalent in the coming years, regulators globally must decide how to deal with ‘non-traditional’ trade and payment systems that have emerged; while at the same time protecting consumers and creating a sound marketplace through the implementation of appropriate regulation.

The U.S. and Canada have made significant progress in defining the anti-money laundering (AML)/anti-terrorist financing (ATF) program requirements for certain virtual currency businesses -- brokers and exchanges in particular. As virtual currency brokers and exchanges (VCB&Es) look to market their products and services cross-border, they have an interest in gaining an understanding of the AML/ATF rules and regulations that apply to them. 

This paper takes a deep dive into:

  • AML/ATF regulations, regulatory guidelines, and reporting obligations in both the United States and in Canada
  • Critical components of AML/ATF compliance programs that include know-your-customer (KYC), transaction monitoring and filtering, and fraud monitoring
  • A roadmap to implementing cross-border cryptocurrency compliance 

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