#bitcoin aml

AML Risks for New Bitcoin Businesses: If your company is new startup using Bitcoin or other virtual currencies or digital payment systems such as BitGold, you will be scrutinized for risks by users, traditional banks, regulators, law makers, service providers and other players. To manage this risk and to mitigate challenges it is imperative to voluntarily establish vigorous AML/ KYC ongoing transaction monitoring, training, record keeping and reporting diligences. It is imperative to contact a company such as Labyrinthus LLC for a written risk assessment under current regulatory obligations, to craft a well designed AML policy as well as envision a future strategy to navigate the compliance maze. With the confidence and security garnered by working with top compliance professionals, you will be positioned to emerge as a leader in the new financial paradigm. The best and most robust startups will prevail harnessing the most in-depth knowledge and ongoing practice of fulfilling the key AML reporting and record keeping obligations, such as SARS reporting, CTR filing, sanctions screening and more. Working with Labyrinthus LLC you will be leveraging cutting edge software and have access to avant garde solutions and ideas. Contact us to team with a group dedicated to innovating and adapting with the laws to quickly allow your company to embrace the new service models and potentials unleashed by Bitcoin and other virtual currencies. 

With the continued expansion of the industry, cryptocurrency companies and financial institutions providing products and services to those in the industry are likely to face increased regulatory scrutiny. For example, in July 2014, the New York State Department of Financial Services (“NYDFS”) proposed to develop a regulatory licensing framework for virtual currency businesses.[16] Under the proposed framework, licenses would be required for businesses engaged in: (1) receiving or transmitting virtual currency on behalf of consumers; (2) securing, storing, or maintaining custody or control of such virtual currency on the behalf of customers; (3) performing retail conversion services; (4) buying and selling virtual currency as a customer business; or (5) controlling, administering, or issuing a virtual currency.[17] Such licenses would be required, among other things, to maintain robust AML compliance programs that, at a minimum, provide internal controls to ensure ongoing compliance with applicable BSA/AML laws and regulations, provide for independent testing, designate a qualified individual for coordinating and monitoring day-to-day compliance, and provide ongoing training to appropriate personnel.[18] To date, four other states—Hawaii, Idaho, Vermont, and Washington—actively license, regulate, and oversee the transmission of virtual currency. Two additional states—California and North Carolina—are in the process of or considering doing so. http://www.paulhastings.com/publications-items/details/?id=58f9e369-2334-6428-811c-ff00004cbded

http://scholarlycommons.law.northwestern.edu/cgi/viewcontent.cgi?article=1229&context=njtip