Regulators are mounting pressure on institutions to identify and report suspicious activities which make AML controls a necessity for digital asset businesses. Several exchanges have been hacked in the last decade resulting in users losing their funds and businesses shutting down. Kucoin was hacked for $281M via compromised keys showing the need for security with keyless, cutting edge single API driven automation like THRESH0LD.

Why is compliance important for your business?

The crypto space is growing rapidly, there is a greater need for financial crime monitoring.  By law, all businesses are required to obey principles of consumer protection, fraud detection and AML. Companies that stay ahead of the curve and comply scale faster and tend to avoid regulatory issues.

How to ensure compliance for your digital asset business

While you do not need to be a legal professional to understand how to ensure compliance with the regulators in your jurisdiction, these are some basic steps you can take:

  • Practice KYC for your business. Ensure you have KYC standards implemented that are designed to protect businesses against fraud, corruption, money laundering and terrorist financing.
  • Monitor transactions on your platform with AML risk controls.  Monitor users’ transactions, to be sure they are not interacting with addresses associated with darknet markets, fraud, blacklists and sanctioned entities as this could jeopardise your business with possible lawsuits and negative PR.

Fortunately, THRESH0LD in partnership with Ciphertrace has a world-class AML risk controls and monitors built into its infrastructure to allow you to track user addresses for illicit transactions on your platform.

THRESHOLD helps digital asset businesses maintain compliance

With THRESH0LD’s AML monitor, crypto businesses can take proper action and report suspicious activity by users on their platform to appropriate law enforcement thereby maintaining brand credibility and user safety.

As the adoption of cryptocurrency spreads and new users join the industry, there is a need to ensure that adequate compliance measures are installed to protect users. The outlined steps above can help cryptocurrency businesses stay compliant and drive business growth leveraging THRESH0LD.

Would you like your business to maintain 100% compliance?

Let’s talk.

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