Essentials - AMLBot Blog

Essentials

A collection of 40 posts

The Crypto Investor's Guide: Assessing AML Compliance in Crypto Projects

The Crypto Investor's Guide: Assessing AML Compliance in Crypto Projects

Anti-money laundering (AML) compliance should be a top concern if you're a crypto investor. However, many crypto users know very little — if anything — about what an AML governance regulation is and what it means in the industry. Experts project that the number of crypto investors will reach nearly

Reducing Crypto Fraud: Automated KYC Best Practices

Reducing Crypto Fraud: Automated KYC Best Practices

Automated KYC is one of today's biggest crypto security trends, and for good reason. By switching from manual to automatic know-your-customer (KYC) checks, companies in the cryptocurrency space can achieve better customer outcomes. They can also avoid expensive penalties for violating anti-money laundering (AML) regulations. If the concept

Guide to AML Compliance for Peer-to-Peer (P2P) Cryptocurrency Platforms

Guide to AML Compliance for Peer-to-Peer (P2P) Cryptocurrency Platforms

Cryptocurrency regulations can be difficult to decipher, and AML compliance for peer-to-peer (P2P) exchanges is especially tricky. Regulatory agencies across the globe have implemented different standards for P2P platforms, and you might be tempted to ignore them and hope for the best. Unfortunately, giving in to that temptation could be

Essential Steps to Take When You Discover Your Crypto Assets Are Lost or Stolen

Essential Steps to Take When You Discover Your Crypto Assets Are Lost or Stolen

Realizing that your digital assets have vanished is a nightmare, but crypto asset recovery could put an end to your bad dream. If bad actors have taken your cryptocurrency, you're not alone. Hackers have stolen $901 million in crypto from exchanges, bridges, and DeFi protocols in the second

aml policy development for a crypto startup

Step-by-Step Guide to Creating Effective AML Policies for Your Crypto Startup

Creating effective AML policies for crypto startups may not be the most exciting part of opening a new business, but it's critical to your company's success. People often criticize crypto firms for operating outside of regulations. However, most legitimate crypto companies face similar requirements as other

Updated FATF Standards for Virtual Assets and Virtual Asset Service Providers

Updated FATF Standards for Virtual Assets and Virtual Asset Service Providers

Skeptics of cryptocurrency often cite concerns about crime as the reason they don't trust digital funds. Although it's true that cryptocurrency is not regulated in the same way as fiat currencies, there are strict standards in place that help prevent illicit activity. The Financial Action Task

KYC/AML комплаенс: руководство для криптовалютного бизнеса в 2023 году

KYC/AML комплаенс: руководство для криптовалютного бизнеса в 2023 году

В условиях постоянно меняющегося ландшафта криптовалют, KYC/AML комплаенс становится неотъемлемой необходимостью для защиты бизнеса от потенциальных угроз. Постоянная угроза отмывания денег и финансирования терроризма нависает над финансовой системой, ставя под угрозу ее структуру. Чтобы справиться с этими рисками, правительства по всему миру установили жесткие правила борьбы с отмыванием денег

AML Training for Crypto Business - Burden or Necessity

AML Training for Crypto Business - Burden or Necessity

In the fast-paced world of cryptocurrencies, where anonymity and cross-border transactions are prevalent, regulatory authorities have imposed stringent AML regulations to combat money laundering, terrorist financing, and other financial crimes. Licensed crypto businesses must undergo AML training at least once a year to ensure they understand and adhere to these

Guide: How to Prepare for a Crypto Compliance Audit

Guide: How to Prepare for a Crypto Compliance Audit

Many business owners dread audits, and the unfamiliar territory of crypto compliance audits can seem even more intimidating. In many ways, crypto audits aren't all that different from traditional varieties. In simple terms, an outside party examines an organization's records to determine whether they meet regulatory

How AML Regulations Are Changing in 2023

How AML Regulations Are Changing in 2023

Organized crime's motivation is the money perpetrators stand to make out of it. By cutting their access to financial systems, crime rates can witness a steep decline. Regulators around the globe are constantly working on designing relevant legislation to prevent the flow of crime-related funds within their financial

Understanding the Basics of Cryptocurrency Security: Private Keys, Public Keys, and Seed Phrases

Understanding the Basics of Cryptocurrency Security: Private Keys, Public Keys, and Seed Phrases

Cryptocurrency is witnessing a massive increase in its usage owing to the novel benefits it brings like decentralization and more. Nevertheless, those wanting to use cryptocurrency may wonder how they remain secure despite utilizing decentralized networks like blockchains. While several aspects are at play, an important part of blockchain and

How to Avoid AML And KYC Penalties and Fines

How to Avoid AML And KYC Penalties and Fines

Financing criminal operations and laundering their proceeds are events that take place often despite legislation present to prevent their occurrences. Criminals are finding gaps left while securing financial systems, using them to move illegal funds through. The flow of such funds ultimately ruins the integrity of the systems and institutions

The Role of Customer Due Diligence in AML and KYC Compliance

The Role of Customer Due Diligence in AML and KYC Compliance

The financial industry is a heavily regulated with numerous laws governing its operations. Some regulations are designed to safeguard customer interests. In contrast, others are devised to keep tabs on the movement of funds to prevent illegal activities like money laundering, terror financing, and more. As stringent Anti-Money Laundering (AML)

The Most High-Profile Crypto Fraud Cases and What We Can Learn from Them

Cryptocurrency facilitates a novel and alternate financial system that brings several benefits, like inclusivity, integrity, and overcoming censorship. However, the same factors that breed such benefits can be responsible for the shortcomings of this industry. The pseudo-anonymity and the lack of familiarity with cryptocurrency usage make it a hotbed for

What Are Cryptocurrency Investigations and Why Are They Necessary?

What Are Cryptocurrency Investigations and Why Are They Necessary?

Cryptocurrencies have a prominent role to play in the modern financial world, and crypto investigations are the key to keeping them safe and secure. The use of digital assets is increasingly widespread, with the number of crypto users increasing by 60 million in the second half of 2022, and it

How Not to Become a Victim Of Fake Websites – AMLBot's Experience

How Not to Become a Victim Of Fake Websites – AMLBot's Experience

The cryptocurrency industry is known to make it to the news cycles frequently because of negative happenings like hacks and attacks. As a result, several cryptocurrency users face situations where their funds get depleted from their wallets. Unfortunately, it is only in the aftermath of their loss that most realize

How to Get a Crypto License for Your Business: A Complete Guide

How to Get a Crypto License for Your Business: A Complete Guide

In the face of unclear regulations and shifting legislation, obtaining a crypto license may seem daunting. Although there may be challenges involved, applying for a license is a vital step to ensuring that your company complies with national or state requirements, operates legally in your jurisdiction, and earns the loyalty

kak poluchit kriptolicenziyu

Крипто лицензия: для чего нужна и как получить?

В условиях нечетких правил и меняющегося законодательства получение лицензии на криптовалюту может показаться сложной задачей. Несмотря на то, что могут возникнуть проблемы, подача заявки на лицензию является жизненно важным шагом для обеспечения того, чтобы ваша компания соблюдала национальные или государственные требования, работала на законных основаниях в вашей юрисдикции и заслужила

AML And KYC – Key for Crypto Adoption

AML And KYC – Key for Crypto Adoption

Decentralized ledger technology (DLT), more commonly referred to as the blockchain, was first introduced by Bitcoin, making it possible to transact value without the need for intermediaries. Similarly, among several other characteristics, blockchain users transacting cryptocurrencies remain pseudonymous. Identified by wallet addresses that are strings of alphanumeric characters, it can

How Cryptocurrency Is Used In Darknet

How Cryptocurrency Is Used In Darknet

Cryptocurrency is replacing fiat money in several aspects. It was first introduced as a digital currency to replace fiat and aid individuals in peer-to-peer transfers by eliminating centralized entities that hold people's money and oversee their transactions. Crypto users get complete control over their funds and a greater

MiCA and the Main Requirements of the New Crypto Regulatory Framework: A Guide for Crypto Businesses

MiCA and the Main Requirements of the New Crypto Regulatory Framework: A Guide for Crypto Businesses

The Markets in Crypto assets regulation (MiCA) was approved by the European Council on October 5, 2022. MiCA regulation will come into force in the middle to the end of 2024, and once it does, it will establish a harmonized framework governing the crypto industry in the European Union. At

How to Open a Bank Account for a Crypto Company

How to Open a Bank Account for a Crypto Company

Setting up a bank account for a crypto company sounds like a simple task, but in reality, it can be time-consuming and complex. As cryptocurrencies have become more mainstream, some banks have begun to extend their services to crypto companies. In contrast, others have steered clear of what they view

Why Do Hackers Attack Crypto?

Why Do Hackers Attack Crypto?

The crypto industry is witnessing several hacks lately to the tune of hundreds of millions of dollars. The untoward events are increasing in frequency with the rise of the industry's popularity. With more sophisticated applications and platforms deployed, hackers are finding ways to capitalize on vulnerabilities. While users

FATF Crypto Travel Rule – What Is It?

FATF Crypto Travel Rule – What Is It?

Criminal activity around the world is at an all-time high. Criminal enterprises bring in billions of dollars in revenue each year. Monetary incentives are needed to keep criminals motivated and illegal activities going. Therefore, preventing the flow of crime-related funds and identifying the actors behind the funds are necessary to

How To Identify Whether A Crypto Project Is A Ponzi Scheme

How To Identify Whether A Crypto Project Is A Ponzi Scheme

Cryptocurrency is now a popular investment class, and every investor wants a piece of the action. Their ability to net large profits in short intervals makes them a good proposition for investing funds. However, such profits come with high risks. Therefore, investors with large risk appetites and money to spare