The crypto space has become popular not only for cryptocurrency enthusiasts but, unfortunately, for cybercriminals and fraudsters as well. Therefore, most crypto exchanges and marketplaces today employ know your customer (KYC) procedures. Although money services providers and other financial institutions (FIs) are required to adhere...

Within the banking industry, compliance testing involves assessing compliance-related processes and/or controls that can determine whether the bank’s compliance program is designed and operating appropriately.1 The compliance testing function includes activities focused on financial crime compliance (FCC) testing. Often, FCC testing is performed by a...

Bank regulators issue Matters Requiring Immediate Attention1 and Matters Requiring Attention or Matters Requiring Board Attention2 (collectively referred to as MRAs) to financial institutions (FIs) to communicate supervisory concerns—such as a deviation from sound governance, internal controls and risk management principles, and/or noncompliance with laws...