The new frontier

Applying AML Compliance to Cryptocurrencies

It is important that all businesses dealing in cryptocurrency fully understand and mitigate the inherent risks associated with their crypto-offerings. Understanding the nuances of the market, the need for a robust compliance program and best practices around specific control implementation, can limit exposure to high risk activity involving cryptocurrencies.

For those required to comply with the Bank Secrecy Act (BSA), a robust anti-money laundering (AML) compliance program needs to be implemented upfront, so as to effectively manage the following risks:

  • Regulatory enforcement action(s)
  • Reputational damage
  • Disruption in business continuity
  • Loss of potential cryptocurrency market penetration or existing market share.

This paper discusses key risks to your business and the need to move beyond traditional AML compliance when implementing program processes and controls.

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