Cryptocurrency Compliance: An AML Perspective - …

Cryptocurrency compliance : An AML Perspective Authored By: Sherri Scott 2 | P a g e Table of Contents Executive Summary 3 Blockchain for Blockheads 3 RegTech 5 Sanctions 7 Transaction Monitoring 7 Exponential Growth 7 How to Audit FIs Servicing the Cryptocurrency Industry 8 Conclusion - Unity in the Financial Intelligence Community 10 Exhibit A: The Association of Accounting Technicians (AAT) 11 Reference Document Exhibit : Bitcoin Reference Guide 12 Exhibit C: Money Service Business (MSB) compliance Checklist 13 Exhibit D: currency Crimes - Federal Money Laundering Laws 15 Exhibit E: Examination Procedures 16 3 | P a g e Executive Summary October 31, 2017, marks the 9th anniversary of Bitcoin s introduction to the world, and there is yet a consensus to be made on how to regulate the Cryptocurrency industry.

6 | P a g e RegTech It does not take a boxing enthusiast to appreciate the epic regulatory bout occurring between the New York State Department of Financial Services (NYDFS)11 and the Office of the Comptroller of the Currency (OCC).12 Conflict regarding regulatory jurisdiction of the virtual currency exchanges continues to escalate.

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  Perspective, Compliance, Office, Currency, Comptroller, Cryptocurrency compliance, Cryptocurrency, An aml perspective, Office of the comptroller of the currency

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