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