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Banking Bitcoin-Related Businesses: A Primer for Managing BSA/AML Risks

To date, much of the attention directed toward Bitcoin has focused on its use as a preferred payment method by criminal enterprises because it allows users to transact pseudonymously. But Bitcoin offers more than just pseudonymity. It is a fast, low-cost, and secure payment solution that can also be used for many legitimate purposes. As investment and interest in the Bitcoin ecosystem have grown since its 2009 start, new businesses have emerged seeking to advance Bitcoin as a mainstream payment solution. The pseudonymous nature of Bitcoin transactions heighten Bank Secrecy Act (BSA)/Anti-Money Laundering (AML) Act compliance risks, making it especially challenging for these new businesses to establish banking relationships. This paper explores these risks. further.

Sarah Corley
Sarah is Deputy Director at DFI and is responsible for developing the DFS profession and providing opportunities for capacity building outside of our online course provision. She has over 20 years of experience within the learning and capacity development within the development and health sector, and is passionate about being a catalyst for change.

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