It’s more important than ever for crypto companies to be aware of current and emerging regulations surrounding cryptocurrencies and their transactions in order to prepare for what comes next.

Cryptocurrency is fast maturing as an alternative digital asset class, and it’s no surprise that - as part of this maturation process - there is more urgency for better risk management.

In compliance, there are three lines of defense: The business itself, the compliance function, and the auditors.

With digital assets making headlines everyday and consumers wanting more information on how to acquire them, can banks and credit unions play a role on how Americans purchase digital assets?

In an Executive Order dated March 9, 2022, President Biden acknowledged the rapid growth of digital assets and its use by the American public. The signed Order directs federal agencies to examine potential regulatory changes and addresses risks and benefits of digital assets and technology.

In a press release, OFAC sanctioned the Central Bank of the Russian Federation by prohibiting transactions from the United States.

An AML compliance program is also extremely important to avoid fines and penalties, keeping the institution up-to-date with important regulations. Credit unions, as well as banks, should consider having an AML compliance program that includes a minimum of these five (5) pillars...

Last week, we discussed the cost of non-compliance with CFPB Fair Lending Practices, and how regulatory intelligence technology can help organizations stay up-to-date and in compliance. The second blog of this series will highlight the Fair Credit Reporting Act (FCRA).

The purpose of this series of articles will be to highlight regulatory information that is important to banks and credit unions, and the importance of having a robust artificial intelligence platform.