As use of virtual currencies has exploded, the perception of the crypto industry as posing increased financial crime risks remains.
If you work in a crypto business, you need to become familiar with the financial crime obligations that are relevant to you. Ignoring financial crime compliance can undermine your business – whether it’s a partner bank that refuses to enter into a business relationship with you, customers that decide to go with an alternative platform, or a regulator that levies a fine.
This primer will give you a foundational knowledge of U.S. financial crime compliance in the crypto context by addressing the following topics:
- Why does financial crime compliance matter?
- What are your financial crime obligations and what will others expect?
- What are particular areas of financial crime risk you should monitor?
- What are mistakes to avoid from previous enforcement actions?
Focusing on and investing in your compliance as you grow will provide a strong foundation to scale with confidence!