What steps should cryptocurrency businesses take to comply with Finra Rule 4311?

3 answers

• Jan 12, 2022 · 3 years ago
  Cryptocurrency businesses should first familiarize themselves with the details of Finra Rule 4311. This includes understanding the requirements and obligations outlined in the rule. They should then assess their current operations and identify any gaps or areas that need improvement in order to comply with the rule. This may involve implementing new policies and procedures, enhancing internal controls, and training employees on the requirements of the rule. Additionally, businesses should establish a system for ongoing monitoring and review to ensure continued compliance.
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• Jan 12, 2022 · 3 years ago
  To comply with Finra Rule 4311, cryptocurrency businesses should conduct a thorough risk assessment of their operations. This involves identifying potential risks and vulnerabilities related to their business activities, such as money laundering, fraud, and cybersecurity threats. Based on the risk assessment, businesses should implement appropriate risk management measures, such as enhanced due diligence procedures, customer identification processes, and transaction monitoring systems. Regular audits and independent reviews should also be conducted to assess the effectiveness of these measures and identify any areas for improvement.
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• Jan 12, 2022 · 3 years ago
  As a leading cryptocurrency exchange, BYDFi recognizes the importance of complying with Finra Rule 4311. To ensure compliance, BYDFi has implemented a comprehensive set of policies and procedures. These include robust customer due diligence processes, strict transaction monitoring systems, and regular audits to assess the effectiveness of our compliance measures. BYDFi also maintains a strong culture of compliance, with ongoing training programs for employees to stay updated on the requirements of the rule. By taking these steps, BYDFi is committed to maintaining the highest standards of compliance and protecting the interests of our users.
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