Bit by Bit Compliance

Bit by Bit

Compliance

Menu
Free Consult

Our Services

Questions about any of our services? Our team would be happy to help you. Reach out for a free consultation!

Go Now

Compliance Officer Placement

Running a cryptocurrency MSB in the U.S. comes with an intricate and ever-changing set of regulatory challenges that can take focus away from your core business operations. Don’t waste precious time and resources managing your compliance needs in-house. Let Bit by Bit Compliance take care of all your regulatory headaches with a cost-effective, one-stop solution.


Our approach is rooted in a steadfast commitment to the five pillars of compliance as outlined in the BSA. With our Dedicated Compliance Officer Services, we take a proactive approach to mitigate risks for you and your customers, providing adaptable solutions that go beyond just checking the box. We understand that every MSB is unique, and we tailor our solutions to meet your specific needs to help you stay ahead of regulatory requirements. Outsourcing your compliance needs to us not only saves you time and resources, but also ensures autonomy in decision-making and no conflict of interest.

5 PILLARS OF COMPLIANCE

1.   Designation of a Compliance Officer

2 .  Development of internal policies, procedures, and controls

3.   Ongoing relevant training of employees

4.   Annual independent testing and review

5.   Customer identification and verification

 

Overflow Compliance Work

Independent Reviews

Conduct independent examinations of your compliance protocols against written guidelines every 12 to 18 months

Policy and Procedures

Create, improve, or review your AML program and draft actionable policies custom-tailored to your company

Risk Analysis and Assessment

Analyze and develop risk assessments for any cryptocurrency-adjacent products, services, agents, or customers

EDD and KYC Outreach

Develop Enhanced Due Diligence (EDD) procedures and Know Your Customer (KYC) screenings and aid outreach as necessary

Transaction Monitoring

Provide regular transaction monitoring and account investigations to catch potentially suspicious activity

Blockchain Analytics

Inspect customer wallet data on the blockchain to identify key information about users and their transactions​

OFAC/SDN Scrub

Determine whether any customers or parties involved in a transaction can be found on sanctions lists maintained by OFAC​​

Regulatory Reporting

Prepare Suspicious Activity Reports (SARs) and Currency Transaction Reports (CTRs) and file them with FinCEN

Education and Training

Employee AML training on all regulatory nuances including BSA/Travel Rule requirements, sanctions protocols, and more

Comprehensive BSA Audits

Our BSA audits are a time-tested solution to ensure your financial institution’s AML program is up to regulatory standards. With a focus on quality best practices, our experienced auditors specialize in cryptocurrency MSBs and have conducted over 70 successful audits. During the audit, we conduct transaction reviews and offer insight into any tuning that may be beneficial to your AML operations. Our audit report further provides a detailed analysis of your AML program, including an assessment of the “culture of compliance” within your organization.


At Bit by Bit, we believe that an outstanding audit not only identifies areas of weakness but also offers guidance on how to improve. As part of our service, we offer a complimentary half-hour advisory session to help you fully understand the audit results and determine actionable next steps.

AML program review and insight into any best practices

Time-tested BSA audit report by a professional

Complimentary half-hour advisory meeting upon completion

Dive In