Robust and effective compliance programs for virtual asset exchanges such as Bitcoin of America, which owns and operates a crypto exchange platform as well as a nationwide network of bitcoin ATM locations, isn’t simply a matter of operating a system for CIP, KYC, and AML procedures.
An interview with Bitcoin of America’s attorney William Suriano
It’s about ensuring processes are followed and having the ability to identify and report suspicious activity by gathering information, and indicators for potential crimes related to virtual assets, by working with law enforcement to ensure issues like fraud are monitored and reported swiftly. So as part of Bitcoin of America’s monitoring program in September 2019, when a new Bitcoin of America customer placed several online orders totaling $500,000 worth of bitcoin, because of the volume of the transactions, compliance officer/department due diligence requirements increased accordingly. As Bitcoin of America’s attorney William Suriano explained, the fact this was both a new customer and…