Importance of Compliance

[bitcoinofamerica]

In the Bitcoin space compliance and KYC (know your customer) is extremely important. Large companies, such as Bitcoin of America employ a full-time compliance officer to ensure they follow all rules and regulations when it comes to BSA/AML and KYC policies. It is important to take all precautions to prevent money laundering and other illegitimate actions when it comes to Bitcoin. By their very nature, money launderers will go to great lengths to cover their tracks. In the process, they use the normal activities of legitimate businesses to help them “clean” ill-gotten gains. Although regulations on virtual currencies are still not clear, one thing that is clear is that authorities are becoming wary that cryptos are being used for money laundering. For this reason, it is imperative to implement compliance guidelines to ensure that Bitcoin of America is on the safe side of the law. Here, in this article, we look at why compliance, KYC, BSA/AML are important.



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