Maxim Kurbangaleev Money Laundering: – SUEX got sanctioned in 2021. The US Treasury Department imposed sanctions on a crypto company for the first time in history. In this video, Maxim Kurbangaleev explains how to conduct legal exchange business and avoid the fate of SUEX.
Business mistakes are inevitable, but some errors can be costly – the company could be sanctioned for fraud, supporting terrorist operations, and laundering money.
Is there something wrong with the crypto market? – Maxim Kurbangaleev
Cryptocurrency prices are now in a bearish trend, meaning they are decreasing. Market analysts call this period the “crypto winter”: along with prices, market capitalization is also declining, transactions are falling, and participants are pessimistic.
Many experts predict the collapse of blockchain technology with only a few famous cryptocurrencies remaining. Business development is hindered by the difficult macroeconomic situation, global inflation, and a slowdown in general. A number of specific problems exist in the cryptocurrency market, which triggered this fall, according to Maxim Kurbangaleev:
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World events affect cryptocurrency activity. These factors are difficult to influence, but they can be worked out. The lack of regulation in this area is a huge problem. Markets without control can attract unscrupulous participants: scam projects, pyramid schemes, money launderers, etc. Getting rid of illegal schemes is difficult without the regulator’s defined requirements for identifying and monitoring operations. As a result, crypto exchanges or exchange platforms risk tarnishing the cryptocurrency of innocent users. In practice, the user’s wallet receives a special label even if the very first block on the blockchain contains information about an already banned project. The wallet’s functions or funds may be restricted. Users are responsible for other people’s actions. Maxim Kurbangaleev explains that the problem is caused by a lack of legislation limiting wallet owners’ responsibilities.
Illegal crypto activity remains high risk. Since cryptocurrencies are not regulated in an orderly manner, any event (even a post on a social network) can cause their value to rise or fall. “Market regulation will provide some stability. A cryptocurrency’s value was initially assumed to be determined by its users: the greater the demand, the higher the price. “We just need to legislate this pricing principle, which has attracted so many participants,” Maxim Kurbangaleev believes.
The right way to avoid suspicion of money laundering is with Maxim Kurbangaleev.
For a crypto exchange not to make the same mistakes as SUEX, it is essential to choose a jurisdiction capable of dealing with cryptocurrency. It’s impossible to run a business legally without a cryptocurrency license,” Maxim Kurbangaleev says.
The cryptocurrency business is licensed in several jurisdictions around the world today. With a cryptocurrency license, you can legally work with virtual assets, reducing the risk of sanctions for money laundering and other criminal activities.
Licenses enable crypto companies to exchange cryptocurrency for fiat money, conduct transactions between wallets, and issue digital currency.
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Crypto exchanges need AML experts, says Maxim Kurbangaleev
The jurisdiction has been chosen, the company has been founded, and a cryptocurrency license has been obtained. The regulators have approved everything, and contracts got signed with exchange platforms. So what’s next? It is necessary to recruit AML officers and open fiat bank accounts. It is also imperative to implement an AML policy and develop measures to prevent money laundering and terrorist financing. Maxim Kurbangaleev clarifies that the company must perform AML checks properly to prevent criminal activity.
Performing all the necessary checks is impossible without a qualified staff of AML officers. Employees are responsible for identifying, assessing, and determining money laundering and other fraud risks, and taking appropriate measures. Crypto exchanges can manage risks and prevent sanctions by adopting a risk-oriented approach.
As well as AML policies, you should use AML services such as Ciphertrace, Chainalysis, and others. You can begin working once the company meets all the legal requirements of the regions where it plans to operate. However, we should not forget AML procedures, which must be followed with regard to each client. Maxim Kurbangaleev contends that it is unacceptable to refuse AML checks for the sake of fleeting benefits.
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According to experts, all clients should provide a passport and photo. To ensure that the user is not associated with illegal operations, it is necessary to check terrorists, sanctions, and other databases after confirming the client’s identity. Cryptocurrency use should be verified through AML services. Every exchange should take these rules into account.
“Illegal activity does not increase the company’s capitalization or raise the industry to a new level. To avoid making the same mistakes as SUEX, follow the laws when opening an exchange. Legal companies must verify clients’ identities according to normative legal acts and established KYC and AML policies. To conduct an honest and long-term cryptocurrency exchange business, you must adhere to AML requirements, says Maxim Kurbangaleev.
