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What Does Crypto Compliance Mean for your Business Start-Up?

What Does Crypto Compliance Mean for your Start-Up Business?

Crypto compliance solutions are now available in the market as they provide useful tools for companies or start-up businesses to efficiently meet their regulatory requirements.

Hence, to be compliant, especially if your start-up business is operating with cryptocurrencies, it must implement several processes depending on the jurisdiction in which your business is located.

However, the following discussions in this article will help you discover what Crypto compliance means for your start-up business.

What Does Crypto Compliance Mean For Your Start-Up Business?

What is Crypto Compliance?

First of all, let’s understand what cryptocurrency is. 

Cryptocurrency popularly known as ‘crypto’  is a virtual currency that is secured by cryptography, which makes it nearly impossible for anyone to counterfeit.

Crypto Compliance on the other hand is basically process of achieving the standards stipulated by anti-money laundering (AML) rules, by putting in place the right tools and internal procedures to successfully reduce money laundering (ML) and terrorist financing (TF) using cryptocurrencies.

How does your start-up business become Crypto compliant?

Your start-up business can become Crypto compliant by adhering to Crypto AML rules. In adhering to these rules your start-up business must develop a ‘customer due diligence’ process to assist regulatory authorities in occasionally assessing your AML/CFT framework. 

This means that your start up would need to build an effective compliance policy program. This entails proper risk assessment to determine your company’s risk appetite as well as putting adequate measures to mitigate risks.

Your Start-Up business will need to build a compliance unit and employ certified crypto-compliance specialists to assist in the proper set-up of your compliance unit. By doing so, your start-up business will be prevented from having false positive results while engaging with blockchain analytic tools and will also be able to file suspicious transaction reports and suspicious activity reports when necessary. 

Above all, while utilizing this kind of system, it is important that your staff are kept up to speed on AML laws and policies, as it will go a long way in preventing shortfalls in the whole compliance process, which ultimately safeguard against the failure of your start-up business.

How do you become a Crypto Compliance Specialist?

To become a Crypto compliance specialist, you need to have a background knowledge of blockchain, cryptocurrency and take a Crypto compliance certification course. Also a Bachelor’s degree in any field and at least 3 years of general compliance experience within financial institutions or regulatory compliance is an added advantage.

5 Important Crypto Compliance Practices for your Start-up Business.

Given the regulatory uncertainty surrounding cryptocurrencies, it is important that your start-up business in this space understand their Crypto Compliance obligations. 

Hence, we have enumerated five best key Crypto Compliance practices that your start-up business is expected to implement. They include:

5 Best Crypto-Compliance Practices For Start-Up Business

1. Performing a comprehensive risk assessment that was recommended by The Financial Action Task Force (FATF).

2. Taking a close understanding of criminal typologies and red flags by performing the Know Your Customer (KYC) process and adequate Identity verification .

3. Build a compliance team that would help spot any AML/CFT threats.

4. Integrate compliance technology within your cryptocurrency compliance process which includes the Travel Rule.

5. Ensure that every stakeholder in your compliance solution understands their roles and responsibilities.

Lastly, your start-up business should also seek to implement an internal training program to ensure that your compliance employees remain familiar with the latest AML/CFT best practices, criminal methodologies and incoming regulations.

How Can A&D Forensics Help?

A&D Forensics can help your start-up business stay ahead in their Cryptocurrency Compliance and Investigation career by taking their expert led certification courses

In addition, consulting with the team and leveraging on cryptocurrency compliance tools and services like CaaS (Compliance as a service) by A&D Forensics can support your start-up business in its compliance journey and lessen the burden of crypto compliance on your start-up business.

Contributor: Loveth Odije

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Chioma Onyekelu is a highly skilled and accomplished professional in the field of cryptocurrency and blockchain technology. She is a Certified Cryptocurrency Investigator and Crypto Compliance Specialist, as well as a Blockchain Forensic Specialist and a teacher. She is also a public speaker and her teachings include consultations and practical solutions for African Start-ups on the best and most cost-effective way to build with compliance in mind. With a wealth of knowledge and experience in these cutting-edge technologies, she is well-equipped to navigate the complex landscape of cryptocurrency-related crimes.

In her current role as a Blockchain Forensic Specialist at A&D Forensics, Chioma is responsible for tracing and investigating cryptocurrency-related crimes, as well as training law enforcement agents and compliance officers on the latest developments and best practices in the field. In addition, she is currently pursuing a Master's degree in Blockchain and Digital Currencies at the University of Nicosia in Cyprus, further solidifying her expertise and understanding of the technology.

Chioma's dedication and passion for the field is evident in her work, and she is committed to staying at the forefront of developments in cryptocurrency and blockchain technology to provide the best possible service to her clients. Her exceptional skills in educating and consulting make her a valuable asset to the industry and an authority in the field of Blockchain and Crypto Compliance.


Adedeji is a Forensic Investigation Practitioner and CertifiedBlockchain/Cryptocurrency Forensic
Investigator (CFE, CCI, CCFI & Reactor Certified) with more than Fifteen years of experience across few banks within the Nigeria Financial Sector and educator in Corporate workplace settings, Deji is uniquely qualified and involved in forensics analysis of Financial Infractions, Cryptocurrency crimes and designing plans that works for Government, Regulators, Law enforcement.

He was appointed by SEC Nigeria as Member Virtual Asset and Fintech Regulatory framework drafting Committee, He is a member of Global Digital Finance’s KYC/AML working group in France and a member of the Industry led Thinktank that worked on and came out with FATF cryptocurrency Travel rule InterMessaging Standard for Virtual Assets (IVMS101) to help combat money laundering and terrorism financing using cryptocurrencies around the globe.

His law enforcement training efforts on new money and cybercrime have seen him train many law enforcement agents in various countries i.e Nigeria Police, Nigeria Army CyberWarfare command, Zambia Financial Intelligence Unit, Zambia Central Bank and more.
He is Chainalysis Sole Africa Investigative Partner helping law enforcement investigate criminal organizations using cryptocurrency to conceal illiccit activities across Africa, he is also a training Partner for Blockchain Intelligence Group based out of Canada.

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