The dynamic rise of cryptocurrency across the globe has certainly drawn the attention of financial regulators in the United States and California. Organizations that handle – or potentially would like to handle – crypto accounts and transactions have many questions and concerns about compliance and managing risk when it comes to the Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) regulations.
Earlier this year, the Financial Crimes Enforcement Network (FinCEN) issued rule proposals for public comment that would classify “convertible virtual currency” and “legal tender digital assets” as monetary instruments for the purposes of the law. This would mean that all money services businesses that handle any type of crypto transactions would have to comply with all BSA/AML requirements for those transactions.
Any financial company that decides to engage in crypto transactions in San Francisco should have compliance at the forefront of their minds. This includes traders, trading platforms, exchanges, hedge funds, ATM operators, crypto-cannabis businesses, and more. With so much innovation happening so quickly, these businesses need to find unique compliance solutions that are tailored specifically to the needs of their operations and applicable laws. The compliance experts at Bates Group LLC are ready to help.
At Bates Group LLC, our Certified Anti-Money Laundering Specialist (CAMS), Certified Cryptocurrency Investigators and CAMS-Audit certified BSA/AML compliance specialists can assess your crypto operations and identify potential risk and compliance needs. We can help with the following and more:
Compliance Program Development – We have advanced training in AML compliance, and we can apply our knowledge to the innovative world of cryptocurrency. We work to develop and implement BSA/AML compliance programs that will put your business on track to comply with all necessary regulatory standards. There is no one-size-fits-all approach to program development, and we work closely with you and design programs based on your crypto operations.
Training – Even the best compliance program will not be successful unless every member of your organization who has compliance requirements understands their best practices and responsibilities. We design and conduct training for your staff to help them follow the guidelines.
Audits – Even if you are confident your compliance program is running smoothly, it is necessary to perform routine audits to identify possible gaps, room for improvement, or unforeseen risks.
If you are handling cryptocurrency, your operations are likely to expand and adapt rapidly as needed in this uncertain marketplace. Our expert consultants will work with your company on an ongoing basis to help to ensure you have minimum risk and regulatory issues moving forward. Compliance is never an issue to be shortchanged or ignored.
At Bates Group LLC, we offer many services to organizations in the Bay Area handling crypto transactions, including consulting, compliance program development, training, reviews and audits, and more. We keep your program up to date and can adjust as your enterprise grows and changes with the market. To learn more about how our expert team can help you, contact us directly today.
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