KYB verification is the process of verifying the identity of a business and its owners, directors, and other associated parties.
As a Business Owner, Implementing a KYB process can have several benefits for your business. This helps you maximize profits and minimize risks.
The blockchain bandits are for now seen as individuals or a group that used the ether-combing process to identify and steal from Ethereum addresses operating with weak private keys. To be on the lookout, as a cryptocurrency user, you are advised to adopt best wallet safety practices.
Money muling is a menace in any given society and you can face various consequences if you become a Money Mule . Money mules, unknowingly or knowingly, have been recruited as money laundering intermediaries for criminals and criminal organisations.There are severe consequences for being a money mule. Do Not Be a Mule!
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.
As start-ups penetrate the African market at large, the need to perform KYC and verify customers identity becomes crucial. Therefore, no matter what the business domain is, every virtual enterprise needs to maintain an effective compliance KYC (Know Your Customer) onboarding process to prevent illicit activity.
Compliance-as-a-Service (CaaS) providers can help ensure your cryptocurrency start-up adhere to AML laws while saving you the time and money often required to maintain compliance in the cryptocurrency sector with strict regulations.
As a Crypto asset user, Virtual Asset Service Provider or a Money Service Business, you are encouraged to have a Compliance and control set up in your financial institution to avoid transacting with the sanctioned addresses.
Always confirm the currency you transact with before concluding NFT transactions. This prevents you from being a victim of NFT bidding scams.
As a project builder, audit your smart contracts to avoid giving opportunities for scammers to exploit your project.
Hydra darknet market was shut down by Germany’s Federal Police on Tuesday, April 5, 2022. Shortly after, a Russian resident was indicted by the Department of Justice on conspiracy charges related to the Hydra market.
The Ronin Network Crypto Heist which happens to be the largest crypto heist in history is a wake-up call for Cryptocurrency Exchanges. This implies that with the increase in cybercrimes, cryptocurrency exchange hacks, wallet hacks etc, cryptocurrency businesses firms and exchanges must be more aware of cyber security practices and implement compliance policies to protect its users.
On-Site Certified Cryptocurrency Compliance Specialist(3CS) Training Are you a compliance officer of banks and financial institutions, tax specialist, forensic accountant/auditor,
“By partnering with Chainalysis, we’re providing the African cryptocurrency ecosystem with the investigative and compliance technology that it needs to fully understand blockchain activity.” Adedeji Owonibi, Senior Partner at A&D Forensics.
Call Direct: +2348036180089 | +2349095503040
Call Direct: +2348036180089 | +2349095503040
