What are the compliance requirements for cryptocurrency businesses under the Bank Secrecy Act Travel Rule?

1 answers

• May 10, 2022 · 3 years ago
  Under the Bank Secrecy Act Travel Rule, cryptocurrency businesses are required to establish and maintain an effective AML program. This program should include policies and procedures for customer identification, transaction monitoring, and reporting suspicious activities. Cryptocurrency businesses must also conduct ongoing risk assessments to identify and mitigate potential money laundering and terrorist financing risks. Additionally, they are required to keep records of customer transactions and make them available to law enforcement agencies upon request. By implementing these compliance measures, cryptocurrency businesses can demonstrate their commitment to operating within the legal framework and protecting the integrity of the financial system.
  759

  380