Understanding AML/CFT | Bit by Bit Compliance

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AML Training for Cryptocurrency MSBs

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Introduction to AML and Cryptocurrency Impacts

Understanding AML/CFT
Money Laundering: Definition and Types
Pros and Cons of Cryptocurrency
Timeline of Important AML Statutes

Overview of AML Regulations Applicable in the USA

Regulatory Framework: FinCEN, BSA, and the PATRIOT Act
Noncompliance Penalties
Understanding OFAC and Sanctions Compliance
FATF Guidelines and Standards
What is the Travel Rule?

Federal and State Compliance Requirements for Cryptocurrency MSBs

The Five Pillars of BSA Compliance
FinCEN Registration Process for MSBs
State Requirements and Best Practices

Identifying AML Risk

Applying a Risk-Based Approach
What is a Risk Assessment?

KYC and Levels of Due Diligence

Introduction to KYC
CDD Requirements
EDD for High-Risk Customers

Continuous Monitoring for Compliance

Ongoing Monitoring and Red Flags
Global Fraud and Common Scams
Independent Audits

Reporting and Recordkeeping

SARs and CTRs
Additional Recordkeeping Requirements for MSBs
Law Enforcement Requests
Title 31 Exams

Review and Assessment

Review Questions to Test Understanding

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Understanding AML/CFT

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