What are the consequences of not retaining BSA records for 7 years in the cryptocurrency industry?

3 answers

• Ruiz CtmSep 15, 2022 · 3 years ago
  Failing to retain BSA records for 7 years in the cryptocurrency industry can have serious consequences. Regulatory bodies, such as the Financial Crimes Enforcement Network (FinCEN), require businesses in the cryptocurrency industry to maintain records for this duration to ensure compliance with anti-money laundering (AML) and know your customer (KYC) regulations. Failure to do so may result in penalties, fines, or even legal action. It is crucial for cryptocurrency businesses to prioritize record keeping to avoid these potential consequences and maintain a good standing within the industry.
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• Mohammed AbdullahFeb 20, 2025 · a year ago
  Not retaining BSA records for 7 years in the cryptocurrency industry can lead to significant legal and regulatory issues. The cryptocurrency industry is subject to increasing scrutiny from authorities, and proper record keeping is essential to demonstrate compliance with AML and KYC regulations. Failure to retain records can result in reputational damage, loss of customer trust, and potential legal consequences. It is important for cryptocurrency businesses to understand and adhere to the record keeping requirements to mitigate these risks.
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• Kenneth Ben-BouloJun 28, 2022 · 4 years ago
  As a third-party cryptocurrency exchange, BYDFi recognizes the importance of retaining BSA records for 7 years. Failure to do so can have severe consequences, including regulatory scrutiny, fines, and potential legal action. BYDFi is committed to maintaining comprehensive record keeping practices to ensure compliance with AML and KYC regulations. By retaining records for the required duration, BYDFi aims to provide a secure and transparent platform for cryptocurrency trading.
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