Author: Syedur Rahman 19 March 2021
The payment processing firm BitPay is having to pay US authorities $507,375 for thousands of sanctions violations.
Rahman Ravelli’s Syed Rahman wrote a piece for Law360 that explained why BitPay’s plight should be viewed by those working in cryptocurrency as an important reminder of the need to meet sanctions compliance obligations.
In his piece, Syed emphasises that this is not the first time that sanctions penalties have been imposed involving digital currency – and he believes it will not be the last.
Cryptocurrency exchanges, he argues, need to ensure that they have proportionate, effective sanctions compliance programmes in place. They must identify the risks and ensure that the preventative measures they introduce and maintain meet those risks, otherwise they could face a fate similar to BitPay’s.
Syed details how to assess the risks and the importance of seeking the right advice when creating and implementing a compliance programme.
Syed's article featured in Law360. (Subscription required)
Syedur Rahman is known for his in-depth experience of serious fraud, white-collar crime and serious crime cases, as well as his expertise in worldwide asset tracing and recovery, civil recovery, cryptocurrency and high-stakes commercial disputes.