Crypto Exchanges / VASP’s

Cryptocurrency exchanges and Virtual Asset Service Providers (VASPs) are subject to various compliance requirements aimed at preventing money laundering, terrorist financing, and other financial crimes.

Our team of professionals can and will keep you ahead of the competition with our wide range of knowledge and experience in the Crypto/Virtual asset landscape. We can help you set your business up from scratch, or if you’re already established we can assist you in meeting all the above requirements and help you adapt quickly to future policy changes.

The specific requirements may vary depending on the jurisdiction, but there are common elements that cryptocurrency exchanges and VASPs typically need to address.

Customer Due Diligence (CDD)

  • Customer Identification:

    • Implement robust processes to identify and verify the identity of customers.

    • Collect and verify information such as names, addresses, and identification documents.

Transaction Monitoring and Reporting

  • Transaction Monitoring:

    • Implement systems for real-time monitoring of transactions to detect unusual patterns or suspicious activities.

  • Suspicious Activity Reporting (SAR):

    • Develop procedures for identifying and reporting suspicious transactions to the relevant authorities.

    • Submit Suspicious Activity Reports (SARs) as required.

  • Currency Transaction Reporting (CTR):

    • File Currency Transaction Reports (CTRs) for transactions exceeding specified thresholds.

Record Keeping

  • Record-Keeping Requirements:

    • Maintain detailed records of customer transactions, including information on the nature and purpose of transactions.

    • Retain records for a specified period.

Compliance Officer and Training

  • Appointment of Compliance Officer:

    • Designate a compliance officer responsible for overseeing and ensuring compliance with Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) regulations.

  • Employee Training:

    • Provide regular training to employees on AML/CTF policies and procedures.

Regulatory Registration and Reporting

  • Registration with Regulatory Authorities:

    • Register with relevant regulatory authorities, such as the Financial Crimes Enforcement Network (FinCEN) in the United States.

  • Compliance with Local Regulations:

    • Comply with local regulations and licensing requirements specific to the jurisdiction in which the cryptocurrency exchange operates.