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"content": "The latest from our partners out west at BitAML: <br />RECORDS RETENTION FOR CRYPTOCURRENCY MSBS: HERE ARE THE DOCUMENTS YOU NEED TO KEEP<br /><br />Records retention – it may not be the most exciting topic, but it’s definitely one of the most important for cryptocurrency businesses.<br /><br />Why? Because every crypto MSB/money transmitter is required to keep specific documents for certain periods of time in order to stay in compliance with the Bank Secrecy Act (BSA) and anti-money laundering (AML) rules.<br /><br />But what does that mean?<br /><br />The reality is regulators and law enforcement investigators could request records related to your own business as well as your clients’ cryptocurrency transactions. Not only do you need to know which documents you’re required to hand over, but you also need to have them available and easily accessible.<br /><br />Don’t worry, you don’t have to keep every digital and hardcopy document that your business produces on a daily basis.<br /><br />If you take the time to develop a solid records retention strategy, train your employees on it, and enforce the policies you put in place, records retention becomes a simple habit rather than a challenging chore.<br /><br />What Do Crypto Businesses Need To Keep?<br />According to the BSA, crypto MSBs are required to keep documents related to their FinCEN registration in addition to documents used in reporting a variety of activities that your clients engage in.<br /><br />Typically, retained records should include the customer ID, customer information, and transaction information, including the amount, date of the transaction, and transaction information. In addition, most records must be retained for five years.<br /><br />However, the records, supporting documents, and information that your business is required to retain in order to stay in compliance with the BSA can vary. Therefore, it’s important to get up to speed on the current regulations and requirements, and then, develop policies and procedures that adhere to those rules. Ideally, your BSA Compliance Officer will handle all of this for you.<br /><br />Some of the most commonly generated documents that your crypto business needs to retain include but are not limited to:<br /><br />FinCEN Registration<br />As a cryptocurrency MSB/money transmitter, you’re required to retain copies of your FinCEN registration form and any renewal forms. Make sure the registration number assigned to your business is included in these documents.<br /><br />Currency Exchange Records<br />For every currency exchange in excess of $1,000 (either in or out), you must keep a record of the customer ID, customer information, and transaction information. You’re required to retain this record for five years from the date of the transaction.<br /><br />Monetary Instrument Log<br />You’re required to maintain information in a monetary instrument log for each money instrument purchase of $3,000 to $10,000 regardless of the payment method. Keep the record for five years from the date of the transaction.<br /><br />FinCEN 314(a) Requests<br />You must create and retain records for FinCEN 314(a) requests, including copies of information related to requested individuals, entities, or organizations. Each record should provide logs showing the date the request was made, the number of accounts searched, and a notation that states whether or not a match was found.<br /><br />Currency Transaction Report (CTR) Logs<br />Your business is required to keep copies of any CTRs originated and all supporting documentation for five years from the date of filing.<br /><br />Suspicious Activity Report (SAR) Logs<br />You are required to maintain copies of all SARs (including joint reports) and supporting documents originated by your business for five years from the date of filing.<br /><br />AML Training Logs<br />Training is a required part of your BSA/AML compliance program. In fact, it’s one of the pillars of BSA compliance, and you’re required to retain documents related to how and when you train your employees on compliance policies and procedures. You have to keep a detailed log of all AML training activities, including participation in e-learning and any other training opportunity.<br /><br />Supporting Documentation<br />All supporting documentation related to CTRs, SARs, and other records must be identified as such. If FinCEN or any other federal, state, or local law enforcement agency or any state or federal regulatory authority examines your BSA compliance, you need to be able to provide all supporting documents and have them clearly marked as supporting information.<br /><br />How To Develop An Effective Records Retention Process<br /><br />Many businesses keep incomplete records, don’t keep records long enough, don’t organize their records (making it difficult to find them at a later date), or create documents with critical missing information.<br /><br />As part of your BSA/AML compliance program, you should develop policies and procedures related to document retention that address all of these gaps and more.<br /><br />Here are some tips to get you started:<br /><br />Write a policy that outlines what needs to be retained and for how long as well as where and how records will be retained so they’re easy to find later (this is your indexing and filing system), who can access them, and when and how they’ll be destroyed.<br />Define your budget for records retention based on your new policy and processes.<br />Train employees on your records retention policy and processes.<br />Find documents that have already been produced and need to be retained. File those using the indexing and filing system you developed.<br />Review your records retention policy annually to ensure it’s effective, being implemented appropriately, and compliant with current regulations and best practices.<br />Developing a records retention policy and implementing it can seem overwhelming, so don’t hesitate to bring in cryptocompliance experts if you need help making sure your policy and procedures are strong enough to keep you out of trouble.<br /><br />Key Takeaways About Records Retention For Cryptocurrency Compliance<br />Records retention is not optional for crypto MSBs. If you can’t produce documents that your business is required to keep when they’re requested by regulators or investigators, you could face legal and financial consequences.<br /><br />Best just avoid that altogether, right? You can do so by developing a records retention policy and related procedures, training your employees, holding them accountable, and enforcing the policy consistently.",
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"content": "The latest from our partners out west at BitAML: \nRECORDS RETENTION FOR CRYPTOCURRENCY MSBS: HERE ARE THE DOCUMENTS YOU NEED TO KEEP\n\nRecords retention – it may not be the most exciting topic, but it’s definitely one of the most important for cryptocurrency businesses.\n\nWhy? Because every crypto MSB/money transmitter is required to keep specific documents for certain periods of time in order to stay in compliance with the Bank Secrecy Act (BSA) and anti-money laundering (AML) rules.\n\nBut what does that mean?\n\nThe reality is regulators and law enforcement investigators could request records related to your own business as well as your clients’ cryptocurrency transactions. Not only do you need to know which documents you’re required to hand over, but you also need to have them available and easily accessible.\n\nDon’t worry, you don’t have to keep every digital and hardcopy document that your business produces on a daily basis.\n\nIf you take the time to develop a solid records retention strategy, train your employees on it, and enforce the policies you put in place, records retention becomes a simple habit rather than a challenging chore.\n\nWhat Do Crypto Businesses Need To Keep?\nAccording to the BSA, crypto MSBs are required to keep documents related to their FinCEN registration in addition to documents used in reporting a variety of activities that your clients engage in.\n\nTypically, retained records should include the customer ID, customer information, and transaction information, including the amount, date of the transaction, and transaction information. In addition, most records must be retained for five years.\n\nHowever, the records, supporting documents, and information that your business is required to retain in order to stay in compliance with the BSA can vary. Therefore, it’s important to get up to speed on the current regulations and requirements, and then, develop policies and procedures that adhere to those rules. Ideally, your BSA Compliance Officer will handle all of this for you.\n\nSome of the most commonly generated documents that your crypto business needs to retain include but are not limited to:\n\nFinCEN Registration\nAs a cryptocurrency MSB/money transmitter, you’re required to retain copies of your FinCEN registration form and any renewal forms. Make sure the registration number assigned to your business is included in these documents.\n\nCurrency Exchange Records\nFor every currency exchange in excess of $1,000 (either in or out), you must keep a record of the customer ID, customer information, and transaction information. You’re required to retain this record for five years from the date of the transaction.\n\nMonetary Instrument Log\nYou’re required to maintain information in a monetary instrument log for each money instrument purchase of $3,000 to $10,000 regardless of the payment method. Keep the record for five years from the date of the transaction.\n\nFinCEN 314(a) Requests\nYou must create and retain records for FinCEN 314(a) requests, including copies of information related to requested individuals, entities, or organizations. Each record should provide logs showing the date the request was made, the number of accounts searched, and a notation that states whether or not a match was found.\n\nCurrency Transaction Report (CTR) Logs\nYour business is required to keep copies of any CTRs originated and all supporting documentation for five years from the date of filing.\n\nSuspicious Activity Report (SAR) Logs\nYou are required to maintain copies of all SARs (including joint reports) and supporting documents originated by your business for five years from the date of filing.\n\nAML Training Logs\nTraining is a required part of your BSA/AML compliance program. In fact, it’s one of the pillars of BSA compliance, and you’re required to retain documents related to how and when you train your employees on compliance policies and procedures. You have to keep a detailed log of all AML training activities, including participation in e-learning and any other training opportunity.\n\nSupporting Documentation\nAll supporting documentation related to CTRs, SARs, and other records must be identified as such. If FinCEN or any other federal, state, or local law enforcement agency or any state or federal regulatory authority examines your BSA compliance, you need to be able to provide all supporting documents and have them clearly marked as supporting information.\n\nHow To Develop An Effective Records Retention Process\n\nMany businesses keep incomplete records, don’t keep records long enough, don’t organize their records (making it difficult to find them at a later date), or create documents with critical missing information.\n\nAs part of your BSA/AML compliance program, you should develop policies and procedures related to document retention that address all of these gaps and more.\n\nHere are some tips to get you started:\n\nWrite a policy that outlines what needs to be retained and for how long as well as where and how records will be retained so they’re easy to find later (this is your indexing and filing system), who can access them, and when and how they’ll be destroyed.\nDefine your budget for records retention based on your new policy and processes.\nTrain employees on your records retention policy and processes.\nFind documents that have already been produced and need to be retained. File those using the indexing and filing system you developed.\nReview your records retention policy annually to ensure it’s effective, being implemented appropriately, and compliant with current regulations and best practices.\nDeveloping a records retention policy and implementing it can seem overwhelming, so don’t hesitate to bring in cryptocompliance experts if you need help making sure your policy and procedures are strong enough to keep you out of trouble.\n\nKey Takeaways About Records Retention For Cryptocurrency Compliance\nRecords retention is not optional for crypto MSBs. If you can’t produce documents that your business is required to keep when they’re requested by regulators or investigators, you could face legal and financial consequences.\n\nBest just avoid that altogether, right? You can do so by developing a records retention policy and related procedures, training your employees, holding them accountable, and enforcing the policy consistently.",
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"content": "The latest from our partners out west at BitAML: <br />RECORDS RETENTION FOR CRYPTOCURRENCY MSBS: HERE ARE THE DOCUMENTS YOU NEED TO KEEP<br /><br />Records retention – it may not be the most exciting topic, but it’s definitely one of the most important for cryptocurrency businesses.<br /><br />Why? Because every crypto MSB/money transmitter is required to keep specific documents for certain periods of time in order to stay in compliance with the Bank Secrecy Act (BSA) and anti-money laundering (AML) rules.<br /><br />But what does that mean?<br /><br />The reality is regulators and law enforcement investigators could request records related to your own business as well as your clients’ cryptocurrency transactions. Not only do you need to know which documents you’re required to hand over, but you also need to have them available and easily accessible.<br /><br />Don’t worry, you don’t have to keep every digital and hardcopy document that your business produces on a daily basis.<br /><br />If you take the time to develop a solid records retention strategy, train your employees on it, and enforce the policies you put in place, records retention becomes a simple habit rather than a challenging chore.<br /><br />What Do Crypto Businesses Need To Keep?<br />According to the BSA, crypto MSBs are required to keep documents related to their FinCEN registration in addition to documents used in reporting a variety of activities that your clients engage in.<br /><br />Typically, retained records should include the customer ID, customer information, and transaction information, including the amount, date of the transaction, and transaction information. In addition, most records must be retained for five years.<br /><br />However, the records, supporting documents, and information that your business is required to retain in order to stay in compliance with the BSA can vary. Therefore, it’s important to get up to speed on the current regulations and requirements, and then, develop policies and procedures that adhere to those rules. Ideally, your BSA Compliance Officer will handle all of this for you.<br /><br />Some of the most commonly generated documents that your crypto business needs to retain include but are not limited to:<br /><br />FinCEN Registration<br />As a cryptocurrency MSB/money transmitter, you’re required to retain copies of your FinCEN registration form and any renewal forms. Make sure the registration number assigned to your business is included in these documents.<br /><br />Currency Exchange Records<br />For every currency exchange in excess of $1,000 (either in or out), you must keep a record of the customer ID, customer information, and transaction information. You’re required to retain this record for five years from the date of the transaction.<br /><br />Monetary Instrument Log<br />You’re required to maintain information in a monetary instrument log for each money instrument purchase of $3,000 to $10,000 regardless of the payment method. Keep the record for five years from the date of the transaction.<br /><br />FinCEN 314(a) Requests<br />You must create and retain records for FinCEN 314(a) requests, including copies of information related to requested individuals, entities, or organizations. Each record should provide logs showing the date the request was made, the number of accounts searched, and a notation that states whether or not a match was found.<br /><br />Currency Transaction Report (CTR) Logs<br />Your business is required to keep copies of any CTRs originated and all supporting documentation for five years from the date of filing.<br /><br />Suspicious Activity Report (SAR) Logs<br />You are required to maintain copies of all SARs (including joint reports) and supporting documents originated by your business for five years from the date of filing.<br /><br />AML Training Logs<br />Training is a required part of your BSA/AML compliance program. In fact, it’s one of the pillars of BSA compliance, and you’re required to retain documents related to how and when you train your employees on compliance policies and procedures. You have to keep a detailed log of all AML training activities, including participation in e-learning and any other training opportunity.<br /><br />Supporting Documentation<br />All supporting documentation related to CTRs, SARs, and other records must be identified as such. If FinCEN or any other federal, state, or local law enforcement agency or any state or federal regulatory authority examines your BSA compliance, you need to be able to provide all supporting documents and have them clearly marked as supporting information.<br /><br />How To Develop An Effective Records Retention Process<br /><br />Many businesses keep incomplete records, don’t keep records long enough, don’t organize their records (making it difficult to find them at a later date), or create documents with critical missing information.<br /><br />As part of your BSA/AML compliance program, you should develop policies and procedures related to document retention that address all of these gaps and more.<br /><br />Here are some tips to get you started:<br /><br />Write a policy that outlines what needs to be retained and for how long as well as where and how records will be retained so they’re easy to find later (this is your indexing and filing system), who can access them, and when and how they’ll be destroyed.<br />Define your budget for records retention based on your new policy and processes.<br />Train employees on your records retention policy and processes.<br />Find documents that have already been produced and need to be retained. File those using the indexing and filing system you developed.<br />Review your records retention policy annually to ensure it’s effective, being implemented appropriately, and compliant with current regulations and best practices.<br />Developing a records retention policy and implementing it can seem overwhelming, so don’t hesitate to bring in cryptocompliance experts if you need help making sure your policy and procedures are strong enough to keep you out of trouble.<br /><br />Key Takeaways About Records Retention For Cryptocurrency Compliance<br />Records retention is not optional for crypto MSBs. If you can’t produce documents that your business is required to keep when they’re requested by regulators or investigators, you could face legal and financial consequences.<br /><br />Best just avoid that altogether, right? You can do so by developing a records retention policy and related procedures, training your employees, holding them accountable, and enforcing the policy consistently.",
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"content": "The latest from our partners out west at BitAML: \nRECORDS RETENTION FOR CRYPTOCURRENCY MSBS: HERE ARE THE DOCUMENTS YOU NEED TO KEEP\n\nRecords retention – it may not be the most exciting topic, but it’s definitely one of the most important for cryptocurrency businesses.\n\nWhy? Because every crypto MSB/money transmitter is required to keep specific documents for certain periods of time in order to stay in compliance with the Bank Secrecy Act (BSA) and anti-money laundering (AML) rules.\n\nBut what does that mean?\n\nThe reality is regulators and law enforcement investigators could request records related to your own business as well as your clients’ cryptocurrency transactions. Not only do you need to know which documents you’re required to hand over, but you also need to have them available and easily accessible.\n\nDon’t worry, you don’t have to keep every digital and hardcopy document that your business produces on a daily basis.\n\nIf you take the time to develop a solid records retention strategy, train your employees on it, and enforce the policies you put in place, records retention becomes a simple habit rather than a challenging chore.\n\nWhat Do Crypto Businesses Need To Keep?\nAccording to the BSA, crypto MSBs are required to keep documents related to their FinCEN registration in addition to documents used in reporting a variety of activities that your clients engage in.\n\nTypically, retained records should include the customer ID, customer information, and transaction information, including the amount, date of the transaction, and transaction information. In addition, most records must be retained for five years.\n\nHowever, the records, supporting documents, and information that your business is required to retain in order to stay in compliance with the BSA can vary. Therefore, it’s important to get up to speed on the current regulations and requirements, and then, develop policies and procedures that adhere to those rules. Ideally, your BSA Compliance Officer will handle all of this for you.\n\nSome of the most commonly generated documents that your crypto business needs to retain include but are not limited to:\n\nFinCEN Registration\nAs a cryptocurrency MSB/money transmitter, you’re required to retain copies of your FinCEN registration form and any renewal forms. Make sure the registration number assigned to your business is included in these documents.\n\nCurrency Exchange Records\nFor every currency exchange in excess of $1,000 (either in or out), you must keep a record of the customer ID, customer information, and transaction information. You’re required to retain this record for five years from the date of the transaction.\n\nMonetary Instrument Log\nYou’re required to maintain information in a monetary instrument log for each money instrument purchase of $3,000 to $10,000 regardless of the payment method. Keep the record for five years from the date of the transaction.\n\nFinCEN 314(a) Requests\nYou must create and retain records for FinCEN 314(a) requests, including copies of information related to requested individuals, entities, or organizations. Each record should provide logs showing the date the request was made, the number of accounts searched, and a notation that states whether or not a match was found.\n\nCurrency Transaction Report (CTR) Logs\nYour business is required to keep copies of any CTRs originated and all supporting documentation for five years from the date of filing.\n\nSuspicious Activity Report (SAR) Logs\nYou are required to maintain copies of all SARs (including joint reports) and supporting documents originated by your business for five years from the date of filing.\n\nAML Training Logs\nTraining is a required part of your BSA/AML compliance program. In fact, it’s one of the pillars of BSA compliance, and you’re required to retain documents related to how and when you train your employees on compliance policies and procedures. You have to keep a detailed log of all AML training activities, including participation in e-learning and any other training opportunity.\n\nSupporting Documentation\nAll supporting documentation related to CTRs, SARs, and other records must be identified as such. If FinCEN or any other federal, state, or local law enforcement agency or any state or federal regulatory authority examines your BSA compliance, you need to be able to provide all supporting documents and have them clearly marked as supporting information.\n\nHow To Develop An Effective Records Retention Process\n\nMany businesses keep incomplete records, don’t keep records long enough, don’t organize their records (making it difficult to find them at a later date), or create documents with critical missing information.\n\nAs part of your BSA/AML compliance program, you should develop policies and procedures related to document retention that address all of these gaps and more.\n\nHere are some tips to get you started:\n\nWrite a policy that outlines what needs to be retained and for how long as well as where and how records will be retained so they’re easy to find later (this is your indexing and filing system), who can access them, and when and how they’ll be destroyed.\nDefine your budget for records retention based on your new policy and processes.\nTrain employees on your records retention policy and processes.\nFind documents that have already been produced and need to be retained. File those using the indexing and filing system you developed.\nReview your records retention policy annually to ensure it’s effective, being implemented appropriately, and compliant with current regulations and best practices.\nDeveloping a records retention policy and implementing it can seem overwhelming, so don’t hesitate to bring in cryptocompliance experts if you need help making sure your policy and procedures are strong enough to keep you out of trouble.\n\nKey Takeaways About Records Retention For Cryptocurrency Compliance\nRecords retention is not optional for crypto MSBs. If you can’t produce documents that your business is required to keep when they’re requested by regulators or investigators, you could face legal and financial consequences.\n\nBest just avoid that altogether, right? You can do so by developing a records retention policy and related procedures, training your employees, holding them accountable, and enforcing the policy consistently.",
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"content": "The latest from our partners out west at BitAML: <br />RECORDS RETENTION FOR CRYPTOCURRENCY MSBS: HERE ARE THE DOCUMENTS YOU NEED TO KEEP<br /><br />Records retention – it may not be the most exciting topic, but it’s definitely one of the most important for cryptocurrency businesses.<br /><br />Why? Because every crypto MSB/money transmitter is required to keep specific documents for certain periods of time in order to stay in compliance with the Bank Secrecy Act (BSA) and anti-money laundering (AML) rules.<br /><br />But what does that mean?<br /><br />The reality is regulators and law enforcement investigators could request records related to your own business as well as your clients’ cryptocurrency transactions. Not only do you need to know which documents you’re required to hand over, but you also need to have them available and easily accessible.<br /><br />Don’t worry, you don’t have to keep every digital and hardcopy document that your business produces on a daily basis.<br /><br />If you take the time to develop a solid records retention strategy, train your employees on it, and enforce the policies you put in place, records retention becomes a simple habit rather than a challenging chore.<br /><br />What Do Crypto Businesses Need To Keep?<br />According to the BSA, crypto MSBs are required to keep documents related to their FinCEN registration in addition to documents used in reporting a variety of activities that your clients engage in.<br /><br />Typically, retained records should include the customer ID, customer information, and transaction information, including the amount, date of the transaction, and transaction information. In addition, most records must be retained for five years.<br /><br />However, the records, supporting documents, and information that your business is required to retain in order to stay in compliance with the BSA can vary. Therefore, it’s important to get up to speed on the current regulations and requirements, and then, develop policies and procedures that adhere to those rules. Ideally, your BSA Compliance Officer will handle all of this for you.<br /><br />Some of the most commonly generated documents that your crypto business needs to retain include but are not limited to:<br /><br />FinCEN Registration<br />As a cryptocurrency MSB/money transmitter, you’re required to retain copies of your FinCEN registration form and any renewal forms. Make sure the registration number assigned to your business is included in these documents.<br /><br />Currency Exchange Records<br />For every currency exchange in excess of $1,000 (either in or out), you must keep a record of the customer ID, customer information, and transaction information. You’re required to retain this record for five years from the date of the transaction.<br /><br />Monetary Instrument Log<br />You’re required to maintain information in a monetary instrument log for each money instrument purchase of $3,000 to $10,000 regardless of the payment method. Keep the record for five years from the date of the transaction.<br /><br />FinCEN 314(a) Requests<br />You must create and retain records for FinCEN 314(a) requests, including copies of information related to requested individuals, entities, or organizations. Each record should provide logs showing the date the request was made, the number of accounts searched, and a notation that states whether or not a match was found.<br /><br />Currency Transaction Report (CTR) Logs<br />Your business is required to keep copies of any CTRs originated and all supporting documentation for five years from the date of filing.<br /><br />Suspicious Activity Report (SAR) Logs<br />You are required to maintain copies of all SARs (including joint reports) and supporting documents originated by your business for five years from the date of filing.<br /><br />AML Training Logs<br />Training is a required part of your BSA/AML compliance program. In fact, it’s one of the pillars of BSA compliance, and you’re required to retain documents related to how and when you train your employees on compliance policies and procedures. You have to keep a detailed log of all AML training activities, including participation in e-learning and any other training opportunity.<br /><br />Supporting Documentation<br />All supporting documentation related to CTRs, SARs, and other records must be identified as such. If FinCEN or any other federal, state, or local law enforcement agency or any state or federal regulatory authority examines your BSA compliance, you need to be able to provide all supporting documents and have them clearly marked as supporting information.<br /><br />How To Develop An Effective Records Retention Process<br /><br />Many businesses keep incomplete records, don’t keep records long enough, don’t organize their records (making it difficult to find them at a later date), or create documents with critical missing information.<br /><br />As part of your BSA/AML compliance program, you should develop policies and procedures related to document retention that address all of these gaps and more.<br /><br />Here are some tips to get you started:<br /><br />Write a policy that outlines what needs to be retained and for how long as well as where and how records will be retained so they’re easy to find later (this is your indexing and filing system), who can access them, and when and how they’ll be destroyed.<br />Define your budget for records retention based on your new policy and processes.<br />Train employees on your records retention policy and processes.<br />Find documents that have already been produced and need to be retained. File those using the indexing and filing system you developed.<br />Review your records retention policy annually to ensure it’s effective, being implemented appropriately, and compliant with current regulations and best practices.<br />Developing a records retention policy and implementing it can seem overwhelming, so don’t hesitate to bring in cryptocompliance experts if you need help making sure your policy and procedures are strong enough to keep you out of trouble.<br /><br />Key Takeaways About Records Retention For Cryptocurrency Compliance<br />Records retention is not optional for crypto MSBs. If you can’t produce documents that your business is required to keep when they’re requested by regulators or investigators, you could face legal and financial consequences.<br /><br />Best just avoid that altogether, right? You can do so by developing a records retention policy and related procedures, training your employees, holding them accountable, and enforcing the policy consistently.",
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"content": "The latest from our partners out west at BitAML: \nRECORDS RETENTION FOR CRYPTOCURRENCY MSBS: HERE ARE THE DOCUMENTS YOU NEED TO KEEP\n\nRecords retention – it may not be the most exciting topic, but it’s definitely one of the most important for cryptocurrency businesses.\n\nWhy? Because every crypto MSB/money transmitter is required to keep specific documents for certain periods of time in order to stay in compliance with the Bank Secrecy Act (BSA) and anti-money laundering (AML) rules.\n\nBut what does that mean?\n\nThe reality is regulators and law enforcement investigators could request records related to your own business as well as your clients’ cryptocurrency transactions. Not only do you need to know which documents you’re required to hand over, but you also need to have them available and easily accessible.\n\nDon’t worry, you don’t have to keep every digital and hardcopy document that your business produces on a daily basis.\n\nIf you take the time to develop a solid records retention strategy, train your employees on it, and enforce the policies you put in place, records retention becomes a simple habit rather than a challenging chore.\n\nWhat Do Crypto Businesses Need To Keep?\nAccording to the BSA, crypto MSBs are required to keep documents related to their FinCEN registration in addition to documents used in reporting a variety of activities that your clients engage in.\n\nTypically, retained records should include the customer ID, customer information, and transaction information, including the amount, date of the transaction, and transaction information. In addition, most records must be retained for five years.\n\nHowever, the records, supporting documents, and information that your business is required to retain in order to stay in compliance with the BSA can vary. Therefore, it’s important to get up to speed on the current regulations and requirements, and then, develop policies and procedures that adhere to those rules. Ideally, your BSA Compliance Officer will handle all of this for you.\n\nSome of the most commonly generated documents that your crypto business needs to retain include but are not limited to:\n\nFinCEN Registration\nAs a cryptocurrency MSB/money transmitter, you’re required to retain copies of your FinCEN registration form and any renewal forms. Make sure the registration number assigned to your business is included in these documents.\n\nCurrency Exchange Records\nFor every currency exchange in excess of $1,000 (either in or out), you must keep a record of the customer ID, customer information, and transaction information. You’re required to retain this record for five years from the date of the transaction.\n\nMonetary Instrument Log\nYou’re required to maintain information in a monetary instrument log for each money instrument purchase of $3,000 to $10,000 regardless of the payment method. Keep the record for five years from the date of the transaction.\n\nFinCEN 314(a) Requests\nYou must create and retain records for FinCEN 314(a) requests, including copies of information related to requested individuals, entities, or organizations. Each record should provide logs showing the date the request was made, the number of accounts searched, and a notation that states whether or not a match was found.\n\nCurrency Transaction Report (CTR) Logs\nYour business is required to keep copies of any CTRs originated and all supporting documentation for five years from the date of filing.\n\nSuspicious Activity Report (SAR) Logs\nYou are required to maintain copies of all SARs (including joint reports) and supporting documents originated by your business for five years from the date of filing.\n\nAML Training Logs\nTraining is a required part of your BSA/AML compliance program. In fact, it’s one of the pillars of BSA compliance, and you’re required to retain documents related to how and when you train your employees on compliance policies and procedures. You have to keep a detailed log of all AML training activities, including participation in e-learning and any other training opportunity.\n\nSupporting Documentation\nAll supporting documentation related to CTRs, SARs, and other records must be identified as such. If FinCEN or any other federal, state, or local law enforcement agency or any state or federal regulatory authority examines your BSA compliance, you need to be able to provide all supporting documents and have them clearly marked as supporting information.\n\nHow To Develop An Effective Records Retention Process\n\nMany businesses keep incomplete records, don’t keep records long enough, don’t organize their records (making it difficult to find them at a later date), or create documents with critical missing information.\n\nAs part of your BSA/AML compliance program, you should develop policies and procedures related to document retention that address all of these gaps and more.\n\nHere are some tips to get you started:\n\nWrite a policy that outlines what needs to be retained and for how long as well as where and how records will be retained so they’re easy to find later (this is your indexing and filing system), who can access them, and when and how they’ll be destroyed.\nDefine your budget for records retention based on your new policy and processes.\nTrain employees on your records retention policy and processes.\nFind documents that have already been produced and need to be retained. File those using the indexing and filing system you developed.\nReview your records retention policy annually to ensure it’s effective, being implemented appropriately, and compliant with current regulations and best practices.\nDeveloping a records retention policy and implementing it can seem overwhelming, so don’t hesitate to bring in cryptocompliance experts if you need help making sure your policy and procedures are strong enough to keep you out of trouble.\n\nKey Takeaways About Records Retention For Cryptocurrency Compliance\nRecords retention is not optional for crypto MSBs. If you can’t produce documents that your business is required to keep when they’re requested by regulators or investigators, you could face legal and financial consequences.\n\nBest just avoid that altogether, right? You can do so by developing a records retention policy and related procedures, training your employees, holding them accountable, and enforcing the policy consistently.",
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"content": "The latest from our partners out west at BitAML: <br />RECORDS RETENTION FOR CRYPTOCURRENCY MSBS: HERE ARE THE DOCUMENTS YOU NEED TO KEEP<br /><br />Records retention – it may not be the most exciting topic, but it’s definitely one of the most important for cryptocurrency businesses.<br /><br />Why? Because every crypto MSB/money transmitter is required to keep specific documents for certain periods of time in order to stay in compliance with the Bank Secrecy Act (BSA) and anti-money laundering (AML) rules.<br /><br />But what does that mean?<br /><br />The reality is regulators and law enforcement investigators could request records related to your own business as well as your clients’ cryptocurrency transactions. Not only do you need to know which documents you’re required to hand over, but you also need to have them available and easily accessible.<br /><br />Don’t worry, you don’t have to keep every digital and hardcopy document that your business produces on a daily basis.<br /><br />If you take the time to develop a solid records retention strategy, train your employees on it, and enforce the policies you put in place, records retention becomes a simple habit rather than a challenging chore.<br /><br />What Do Crypto Businesses Need To Keep?<br />According to the BSA, crypto MSBs are required to keep documents related to their FinCEN registration in addition to documents used in reporting a variety of activities that your clients engage in.<br /><br />Typically, retained records should include the customer ID, customer information, and transaction information, including the amount, date of the transaction, and transaction information. In addition, most records must be retained for five years.<br /><br />However, the records, supporting documents, and information that your business is required to retain in order to stay in compliance with the BSA can vary. Therefore, it’s important to get up to speed on the current regulations and requirements, and then, develop policies and procedures that adhere to those rules. Ideally, your BSA Compliance Officer will handle all of this for you.<br /><br />Some of the most commonly generated documents that your crypto business needs to retain include but are not limited to:<br /><br />FinCEN Registration<br />As a cryptocurrency MSB/money transmitter, you’re required to retain copies of your FinCEN registration form and any renewal forms. Make sure the registration number assigned to your business is included in these documents.<br /><br />Currency Exchange Records<br />For every currency exchange in excess of $1,000 (either in or out), you must keep a record of the customer ID, customer information, and transaction information. You’re required to retain this record for five years from the date of the transaction.<br /><br />Monetary Instrument Log<br />You’re required to maintain information in a monetary instrument log for each money instrument purchase of $3,000 to $10,000 regardless of the payment method. Keep the record for five years from the date of the transaction.<br /><br />FinCEN 314(a) Requests<br />You must create and retain records for FinCEN 314(a) requests, including copies of information related to requested individuals, entities, or organizations. Each record should provide logs showing the date the request was made, the number of accounts searched, and a notation that states whether or not a match was found.<br /><br />Currency Transaction Report (CTR) Logs<br />Your business is required to keep copies of any CTRs originated and all supporting documentation for five years from the date of filing.<br /><br />Suspicious Activity Report (SAR) Logs<br />You are required to maintain copies of all SARs (including joint reports) and supporting documents originated by your business for five years from the date of filing.<br /><br />AML Training Logs<br />Training is a required part of your BSA/AML compliance program. In fact, it’s one of the pillars of BSA compliance, and you’re required to retain documents related to how and when you train your employees on compliance policies and procedures. You have to keep a detailed log of all AML training activities, including participation in e-learning and any other training opportunity.<br /><br />Supporting Documentation<br />All supporting documentation related to CTRs, SARs, and other records must be identified as such. If FinCEN or any other federal, state, or local law enforcement agency or any state or federal regulatory authority examines your BSA compliance, you need to be able to provide all supporting documents and have them clearly marked as supporting information.<br /><br />How To Develop An Effective Records Retention Process<br /><br />Pixabay<br /><br />Many businesses keep incomplete records, don’t keep records long enough, don’t organize their records (making it difficult to find them at a later date), or create documents with critical missing information.<br /><br />As part of your BSA/AML compliance program, you should develop policies and procedures related to document retention that address all of these gaps and more.<br /><br />Here are some tips to get you started:<br /><br />Write a policy that outlines what needs to be retained and for how long as well as where and how records will be retained so they’re easy to find later (this is your indexing and filing system), who can access them, and when and how they’ll be destroyed.<br />Define your budget for records retention based on your new policy and processes.<br />Train employees on your records retention policy and processes.<br />Find documents that have already been produced and need to be retained. File those using the indexing and filing system you developed.<br />Review your records retention policy annually to ensure it’s effective, being implemented appropriately, and compliant with current regulations and best practices.<br />Developing a records retention policy and implementing it can seem overwhelming, so don’t hesitate to bring in cryptocompliance experts if you need help making sure your policy and procedures are strong enough to keep you out of trouble.<br /><br />Key Takeaways About Records Retention For Cryptocurrency Compliance<br />Records retention is not optional for crypto MSBs. If you can’t produce documents that your business is required to keep when they’re requested by regulators or investigators, you could face legal and financial consequences.<br /><br />Best just avoid that altogether, right? You can do so by developing a records retention policy and related procedures, training your employees, holding them accountable, and enforcing the policy consistently.",
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"content": "The latest from our partners out west at BitAML: \nRECORDS RETENTION FOR CRYPTOCURRENCY MSBS: HERE ARE THE DOCUMENTS YOU NEED TO KEEP\n\nRecords retention – it may not be the most exciting topic, but it’s definitely one of the most important for cryptocurrency businesses.\n\nWhy? Because every crypto MSB/money transmitter is required to keep specific documents for certain periods of time in order to stay in compliance with the Bank Secrecy Act (BSA) and anti-money laundering (AML) rules.\n\nBut what does that mean?\n\nThe reality is regulators and law enforcement investigators could request records related to your own business as well as your clients’ cryptocurrency transactions. Not only do you need to know which documents you’re required to hand over, but you also need to have them available and easily accessible.\n\nDon’t worry, you don’t have to keep every digital and hardcopy document that your business produces on a daily basis.\n\nIf you take the time to develop a solid records retention strategy, train your employees on it, and enforce the policies you put in place, records retention becomes a simple habit rather than a challenging chore.\n\nWhat Do Crypto Businesses Need To Keep?\nAccording to the BSA, crypto MSBs are required to keep documents related to their FinCEN registration in addition to documents used in reporting a variety of activities that your clients engage in.\n\nTypically, retained records should include the customer ID, customer information, and transaction information, including the amount, date of the transaction, and transaction information. In addition, most records must be retained for five years.\n\nHowever, the records, supporting documents, and information that your business is required to retain in order to stay in compliance with the BSA can vary. Therefore, it’s important to get up to speed on the current regulations and requirements, and then, develop policies and procedures that adhere to those rules. Ideally, your BSA Compliance Officer will handle all of this for you.\n\nSome of the most commonly generated documents that your crypto business needs to retain include but are not limited to:\n\nFinCEN Registration\nAs a cryptocurrency MSB/money transmitter, you’re required to retain copies of your FinCEN registration form and any renewal forms. Make sure the registration number assigned to your business is included in these documents.\n\nCurrency Exchange Records\nFor every currency exchange in excess of $1,000 (either in or out), you must keep a record of the customer ID, customer information, and transaction information. You’re required to retain this record for five years from the date of the transaction.\n\nMonetary Instrument Log\nYou’re required to maintain information in a monetary instrument log for each money instrument purchase of $3,000 to $10,000 regardless of the payment method. Keep the record for five years from the date of the transaction.\n\nFinCEN 314(a) Requests\nYou must create and retain records for FinCEN 314(a) requests, including copies of information related to requested individuals, entities, or organizations. Each record should provide logs showing the date the request was made, the number of accounts searched, and a notation that states whether or not a match was found.\n\nCurrency Transaction Report (CTR) Logs\nYour business is required to keep copies of any CTRs originated and all supporting documentation for five years from the date of filing.\n\nSuspicious Activity Report (SAR) Logs\nYou are required to maintain copies of all SARs (including joint reports) and supporting documents originated by your business for five years from the date of filing.\n\nAML Training Logs\nTraining is a required part of your BSA/AML compliance program. In fact, it’s one of the pillars of BSA compliance, and you’re required to retain documents related to how and when you train your employees on compliance policies and procedures. You have to keep a detailed log of all AML training activities, including participation in e-learning and any other training opportunity.\n\nSupporting Documentation\nAll supporting documentation related to CTRs, SARs, and other records must be identified as such. If FinCEN or any other federal, state, or local law enforcement agency or any state or federal regulatory authority examines your BSA compliance, you need to be able to provide all supporting documents and have them clearly marked as supporting information.\n\nHow To Develop An Effective Records Retention Process\n\nPixabay\n\nMany businesses keep incomplete records, don’t keep records long enough, don’t organize their records (making it difficult to find them at a later date), or create documents with critical missing information.\n\nAs part of your BSA/AML compliance program, you should develop policies and procedures related to document retention that address all of these gaps and more.\n\nHere are some tips to get you started:\n\nWrite a policy that outlines what needs to be retained and for how long as well as where and how records will be retained so they’re easy to find later (this is your indexing and filing system), who can access them, and when and how they’ll be destroyed.\nDefine your budget for records retention based on your new policy and processes.\nTrain employees on your records retention policy and processes.\nFind documents that have already been produced and need to be retained. File those using the indexing and filing system you developed.\nReview your records retention policy annually to ensure it’s effective, being implemented appropriately, and compliant with current regulations and best practices.\nDeveloping a records retention policy and implementing it can seem overwhelming, so don’t hesitate to bring in cryptocompliance experts if you need help making sure your policy and procedures are strong enough to keep you out of trouble.\n\nKey Takeaways About Records Retention For Cryptocurrency Compliance\nRecords retention is not optional for crypto MSBs. If you can’t produce documents that your business is required to keep when they’re requested by regulators or investigators, you could face legal and financial consequences.\n\nBest just avoid that altogether, right? You can do so by developing a records retention policy and related procedures, training your employees, holding them accountable, and enforcing the policy consistently.",
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"content": "NYAG: Bitfinex, Tether Served New York Residents Longer Than They Claim<br /><br />The New York Attorney General’s Office (NYAG) has submitted new evidence in its aim to prove that crypto exchange Bitfinex and Tether had served New York customers longer than they claimed.<br /><br />As part of the NYAG’s ongoing investigation into Bitfinex and Tether, the NYAG filed a Memorandum of Law in Opposition, an affirmation, as well as a total of 28 pieces of exhibits on July 8, with the New York Supreme Court.<br /><br />The NYAG said in the new documents:<br /><br />“Even a cursory examination of the facts gathered to date in the OAG’ s investigation shows that Respondents have extensive and consistent contacts to New York concerning the matters under investigation.”<br /><br />The filings come with various exhibits to showcase Bitfinex’s and Tether’s interactions with New York residents over a period that was longer than the two previously claimed.<br /><br />CoinDesk reported in May that Bitfinex and Tether argued with the judge in the New York Supreme Court that the case should be dismissed since they “have nothing to do with New York investors” and “the businesses do not allow New Yorkers on their platforms and do not advertise or otherwise do business here.”<br /><br />However, the NYAG indicated that based on the series of evidence gathered and provided to the court, Bitfnex had customers log in to its platform as recently as Dec. 18, 2018.<br /><br />Further, Exhibit (S) – H also showed the correspondence between Bitfnex and the billionaire hedge fund manager Michael Novogratz’s Galaxy Digital to onboard the latter as Bitfinex’s customer in October 2018.<br /><br />In addition, the NYAG provided exhibits to show that Bitfinex held accounts with two New York banks – Signature Bank and Noble Bank – and at least “one other New York-based financial institution during the relevant time period, which they used to transfer money to and from clients of the Bitfinex and Tether platforms.”<br /><br />The NYAG added:<br /><br />“Respondents have repeatedly engaged New York firms to assist them in their business objectives, including to make statements to the markets about the operation of the Bitfinex trading platform and the cash backing of tethers; and as recently as 2019, Respondents opened a trading account with at least one New York-based virtual currency firm.”<br /><br />In the Memorandum of Law in Opposition, the NYAG also took aim at Bitfinex’s recent issuance of the LEO exchange platform token.<br /><br />“Respondents’ recent ‘initial exchange offering,’ for instance, has every indicia of a securities issuance subject to the Martin Act, and there is reason to believe that the issuance is related to the matters under investigation,” the NYAG said.<br /><br />The NYAG first filed a complaint against Bitfinex and Tether in April 2019, alleging that Bitfinex had covered up the loss of more than $850 million by borrowing from Tether’s reserves.<br /><br />Shortly after the NYAG filed the complaint, Bitfinex conducted an initial exchange offering for its own LEO token and one shareholder of the firm claimed it successfully raised $1 billion with commitment from private investors.<br /><br />Source: Coindesk<br />Repost Sponsor: BitSource AML Solutions, LLC<br />www.bitsourceaml.com",
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"content": "NYAG: Bitfinex, Tether Served New York Residents Longer Than They Claim\n\nThe New York Attorney General’s Office (NYAG) has submitted new evidence in its aim to prove that crypto exchange Bitfinex and Tether had served New York customers longer than they claimed.\n\nAs part of the NYAG’s ongoing investigation into Bitfinex and Tether, the NYAG filed a Memorandum of Law in Opposition, an affirmation, as well as a total of 28 pieces of exhibits on July 8, with the New York Supreme Court.\n\nThe NYAG said in the new documents:\n\n“Even a cursory examination of the facts gathered to date in the OAG’ s investigation shows that Respondents have extensive and consistent contacts to New York concerning the matters under investigation.”\n\nThe filings come with various exhibits to showcase Bitfinex’s and Tether’s interactions with New York residents over a period that was longer than the two previously claimed.\n\nCoinDesk reported in May that Bitfinex and Tether argued with the judge in the New York Supreme Court that the case should be dismissed since they “have nothing to do with New York investors” and “the businesses do not allow New Yorkers on their platforms and do not advertise or otherwise do business here.”\n\nHowever, the NYAG indicated that based on the series of evidence gathered and provided to the court, Bitfnex had customers log in to its platform as recently as Dec. 18, 2018.\n\nFurther, Exhibit (S) – H also showed the correspondence between Bitfnex and the billionaire hedge fund manager Michael Novogratz’s Galaxy Digital to onboard the latter as Bitfinex’s customer in October 2018.\n\nIn addition, the NYAG provided exhibits to show that Bitfinex held accounts with two New York banks – Signature Bank and Noble Bank – and at least “one other New York-based financial institution during the relevant time period, which they used to transfer money to and from clients of the Bitfinex and Tether platforms.”\n\nThe NYAG added:\n\n“Respondents have repeatedly engaged New York firms to assist them in their business objectives, including to make statements to the markets about the operation of the Bitfinex trading platform and the cash backing of tethers; and as recently as 2019, Respondents opened a trading account with at least one New York-based virtual currency firm.”\n\nIn the Memorandum of Law in Opposition, the NYAG also took aim at Bitfinex’s recent issuance of the LEO exchange platform token.\n\n“Respondents’ recent ‘initial exchange offering,’ for instance, has every indicia of a securities issuance subject to the Martin Act, and there is reason to believe that the issuance is related to the matters under investigation,” the NYAG said.\n\nThe NYAG first filed a complaint against Bitfinex and Tether in April 2019, alleging that Bitfinex had covered up the loss of more than $850 million by borrowing from Tether’s reserves.\n\nShortly after the NYAG filed the complaint, Bitfinex conducted an initial exchange offering for its own LEO token and one shareholder of the firm claimed it successfully raised $1 billion with commitment from private investors.\n\nSource: Coindesk\nRepost Sponsor: BitSource AML Solutions, LLC\nwww.bitsourceaml.com",
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"content": "NYAG: Bitfinex, Tether Served New York Residents Longer Than They Claim<br /><br />The New York Attorney General’s Office (NYAG) has submitted new evidence in its aim to prove that crypto exchange Bitfinex and Tether had served New York customers longer than they claimed.<br /><br />As part of the NYAG’s ongoing investigation into Bitfinex and Tether, the NYAG filed a Memorandum of Law in Opposition, an affirmation, as well as a total of 28 pieces of exhibits on July 8, with the New York Supreme Court.<br /><br />The NYAG said in the new documents:<br /><br />“Even a cursory examination of the facts gathered to date in the OAG’ s investigation shows that Respondents have extensive and consistent contacts to New York concerning the matters under investigation.”<br /><br />The filings come with various exhibits to showcase Bitfinex’s and Tether’s interactions with New York residents over a period that was longer than the two previously claimed.<br /><br />CoinDesk reported in May that Bitfinex and Tether argued with the judge in the New York Supreme Court that the case should be dismissed since they “have nothing to do with New York investors” and “the businesses do not allow New Yorkers on their platforms and do not advertise or otherwise do business here.”<br /><br />However, the NYAG indicated that based on the series of evidence gathered and provided to the court, Bitfnex had customers log in to its platform as recently as Dec. 18, 2018.<br /><br />Further, Exhibit (S) – H also showed the correspondence between Bitfnex and the billionaire hedge fund manager Michael Novogratz’s Galaxy Digital to onboard the latter as Bitfinex’s customer in October 2018.<br /><br />In addition, the NYAG provided exhibits to show that Bitfinex held accounts with two New York banks – Signature Bank and Noble Bank – and at least “one other New York-based financial institution during the relevant time period, which they used to transfer money to and from clients of the Bitfinex and Tether platforms.”<br /><br />The NYAG added:<br /><br />“Respondents have repeatedly engaged New York firms to assist them in their business objectives, including to make statements to the markets about the operation of the Bitfinex trading platform and the cash backing of tethers; and as recently as 2019, Respondents opened a trading account with at least one New York-based virtual currency firm.”<br /><br />In the Memorandum of Law in Opposition, the NYAG also took aim at Bitfinex’s recent issuance of the LEO exchange platform token.<br /><br />“Respondents’ recent ‘initial exchange offering,’ for instance, has every indicia of a securities issuance subject to the Martin Act, and there is reason to believe that the issuance is related to the matters under investigation,” the NYAG said.<br /><br />The NYAG first filed a complaint against Bitfinex and Tether in April 2019, alleging that Bitfinex had covered up the loss of more than $850 million by borrowing from Tether’s reserves.<br /><br />Shortly after the NYAG filed the complaint, Bitfinex conducted an initial exchange offering for its own LEO token and one shareholder of the firm claimed it successfully raised $1 billion with commitment from private investors.<br /><br />Source: Coindesk",
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"content": "NYAG: Bitfinex, Tether Served New York Residents Longer Than They Claim\n\nThe New York Attorney General’s Office (NYAG) has submitted new evidence in its aim to prove that crypto exchange Bitfinex and Tether had served New York customers longer than they claimed.\n\nAs part of the NYAG’s ongoing investigation into Bitfinex and Tether, the NYAG filed a Memorandum of Law in Opposition, an affirmation, as well as a total of 28 pieces of exhibits on July 8, with the New York Supreme Court.\n\nThe NYAG said in the new documents:\n\n“Even a cursory examination of the facts gathered to date in the OAG’ s investigation shows that Respondents have extensive and consistent contacts to New York concerning the matters under investigation.”\n\nThe filings come with various exhibits to showcase Bitfinex’s and Tether’s interactions with New York residents over a period that was longer than the two previously claimed.\n\nCoinDesk reported in May that Bitfinex and Tether argued with the judge in the New York Supreme Court that the case should be dismissed since they “have nothing to do with New York investors” and “the businesses do not allow New Yorkers on their platforms and do not advertise or otherwise do business here.”\n\nHowever, the NYAG indicated that based on the series of evidence gathered and provided to the court, Bitfnex had customers log in to its platform as recently as Dec. 18, 2018.\n\nFurther, Exhibit (S) – H also showed the correspondence between Bitfnex and the billionaire hedge fund manager Michael Novogratz’s Galaxy Digital to onboard the latter as Bitfinex’s customer in October 2018.\n\nIn addition, the NYAG provided exhibits to show that Bitfinex held accounts with two New York banks – Signature Bank and Noble Bank – and at least “one other New York-based financial institution during the relevant time period, which they used to transfer money to and from clients of the Bitfinex and Tether platforms.”\n\nThe NYAG added:\n\n“Respondents have repeatedly engaged New York firms to assist them in their business objectives, including to make statements to the markets about the operation of the Bitfinex trading platform and the cash backing of tethers; and as recently as 2019, Respondents opened a trading account with at least one New York-based virtual currency firm.”\n\nIn the Memorandum of Law in Opposition, the NYAG also took aim at Bitfinex’s recent issuance of the LEO exchange platform token.\n\n“Respondents’ recent ‘initial exchange offering,’ for instance, has every indicia of a securities issuance subject to the Martin Act, and there is reason to believe that the issuance is related to the matters under investigation,” the NYAG said.\n\nThe NYAG first filed a complaint against Bitfinex and Tether in April 2019, alleging that Bitfinex had covered up the loss of more than $850 million by borrowing from Tether’s reserves.\n\nShortly after the NYAG filed the complaint, Bitfinex conducted an initial exchange offering for its own LEO token and one shareholder of the firm claimed it successfully raised $1 billion with commitment from private investors.\n\nSource: Coindesk",
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"content": "NYAG: Bitfinex, Tether Served New York Residents Longer Than They Claim<br /><br />The New York Attorney General’s Office (NYAG) has submitted new evidence in its aim to prove that crypto exchange Bitfinex and Tether had served New York customers longer than they claimed.<br /><br />As part of the NYAG’s ongoing investigation into Bitfinex and Tether, the NYAG filed a Memorandum of Law in Opposition, an affirmation, as well as a total of 28 pieces of exhibits on July 8, with the New York Supreme Court.<br /><br />The NYAG said in the new documents:<br /><br />“Even a cursory examination of the facts gathered to date in the OAG’ s investigation shows that Respondents have extensive and consistent contacts to New York concerning the matters under investigation.”<br /><br />The filings come with various exhibits to showcase Bitfinex’s and Tether’s interactions with New York residents over a period that was longer than the two previously claimed.<br /><br />CoinDesk reported in May that Bitfinex and Tether argued with the judge in the New York Supreme Court that the case should be dismissed since they “have nothing to do with New York investors” and “the businesses do not allow New Yorkers on their platforms and do not advertise or otherwise do business here.”<br /><br />However, the NYAG indicated that based on the series of evidence gathered and provided to the court, Bitfnex had customers log in to its platform as recently as Dec. 18, 2018.<br /><br />Further, Exhibit (S) – H also showed the correspondence between Bitfnex and the billionaire hedge fund manager Michael Novogratz’s Galaxy Digital to onboard the latter as Bitfinex’s customer in October 2018.<br /><br />In addition, the NYAG provided exhibits to show that Bitfinex held accounts with two New York banks – Signature Bank and Noble Bank – and at least “one other New York-based financial institution during the relevant time period, which they used to transfer money to and from clients of the Bitfinex and Tether platforms.”<br /><br />The NYAG added:<br /><br />“Respondents have repeatedly engaged New York firms to assist them in their business objectives, including to make statements to the markets about the operation of the Bitfinex trading platform and the cash backing of tethers; and as recently as 2019, Respondents opened a trading account with at least one New York-based virtual currency firm.”<br /><br />In the Memorandum of Law in Opposition, the NYAG also took aim at Bitfinex’s recent issuance of the LEO exchange platform token.<br /><br />“Respondents’ recent ‘initial exchange offering,’ for instance, has every indicia of a securities issuance subject to the Martin Act, and there is reason to believe that the issuance is related to the matters under investigation,” the NYAG said.<br /><br />The NYAG first filed a complaint against Bitfinex and Tether in April 2019, alleging that Bitfinex had covered up the loss of more than $850 million by borrowing from Tether’s reserves.<br /><br />Shortly after the NYAG filed the complaint, Bitfinex conducted an initial exchange offering for its own LEO token and one shareholder of the firm claimed it successfully raised $1 billion with commitment from private investors.<br /><br />Source: Coindesk<br />",
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"content": "NYAG: Bitfinex, Tether Served New York Residents Longer Than They Claim\n\nThe New York Attorney General’s Office (NYAG) has submitted new evidence in its aim to prove that crypto exchange Bitfinex and Tether had served New York customers longer than they claimed.\n\nAs part of the NYAG’s ongoing investigation into Bitfinex and Tether, the NYAG filed a Memorandum of Law in Opposition, an affirmation, as well as a total of 28 pieces of exhibits on July 8, with the New York Supreme Court.\n\nThe NYAG said in the new documents:\n\n“Even a cursory examination of the facts gathered to date in the OAG’ s investigation shows that Respondents have extensive and consistent contacts to New York concerning the matters under investigation.”\n\nThe filings come with various exhibits to showcase Bitfinex’s and Tether’s interactions with New York residents over a period that was longer than the two previously claimed.\n\nCoinDesk reported in May that Bitfinex and Tether argued with the judge in the New York Supreme Court that the case should be dismissed since they “have nothing to do with New York investors” and “the businesses do not allow New Yorkers on their platforms and do not advertise or otherwise do business here.”\n\nHowever, the NYAG indicated that based on the series of evidence gathered and provided to the court, Bitfnex had customers log in to its platform as recently as Dec. 18, 2018.\n\nFurther, Exhibit (S) – H also showed the correspondence between Bitfnex and the billionaire hedge fund manager Michael Novogratz’s Galaxy Digital to onboard the latter as Bitfinex’s customer in October 2018.\n\nIn addition, the NYAG provided exhibits to show that Bitfinex held accounts with two New York banks – Signature Bank and Noble Bank – and at least “one other New York-based financial institution during the relevant time period, which they used to transfer money to and from clients of the Bitfinex and Tether platforms.”\n\nThe NYAG added:\n\n“Respondents have repeatedly engaged New York firms to assist them in their business objectives, including to make statements to the markets about the operation of the Bitfinex trading platform and the cash backing of tethers; and as recently as 2019, Respondents opened a trading account with at least one New York-based virtual currency firm.”\n\nIn the Memorandum of Law in Opposition, the NYAG also took aim at Bitfinex’s recent issuance of the LEO exchange platform token.\n\n“Respondents’ recent ‘initial exchange offering,’ for instance, has every indicia of a securities issuance subject to the Martin Act, and there is reason to believe that the issuance is related to the matters under investigation,” the NYAG said.\n\nThe NYAG first filed a complaint against Bitfinex and Tether in April 2019, alleging that Bitfinex had covered up the loss of more than $850 million by borrowing from Tether’s reserves.\n\nShortly after the NYAG filed the complaint, Bitfinex conducted an initial exchange offering for its own LEO token and one shareholder of the firm claimed it successfully raised $1 billion with commitment from private investors.\n\nSource: Coindesk\n",
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"content": "NYAG: Bitfinex, Tether Served New York Residents Longer Than They Claim<br /><br />The New York Attorney General’s Office (NYAG) has submitted new evidence in its aim to prove that crypto exchange Bitfinex and Tether had served New York customers longer than they claimed.<br /><br />As part of the NYAG’s ongoing investigation into Bitfinex and Tether, the NYAG filed a Memorandum of Law in Opposition, an affirmation, as well as a total of 28 pieces of exhibits on July 8, with the New York Supreme Court.<br /><br />The NYAG said in the new documents:<br /><br />“Even a cursory examination of the facts gathered to date in the OAG’ s investigation shows that Respondents have extensive and consistent contacts to New York concerning the matters under investigation.”<br /><br />The filings come with various exhibits to showcase Bitfinex’s and Tether’s interactions with New York residents over a period that was longer than the two previously claimed.<br /><br />CoinDesk reported in May that Bitfinex and Tether argued with the judge in the New York Supreme Court that the case should be dismissed since they “have nothing to do with New York investors” and “the businesses do not allow New Yorkers on their platforms and do not advertise or otherwise do business here.”<br /><br />However, the NYAG indicated that based on the series of evidence gathered and provided to the court, Bitfnex had customers log in to its platform as recently as Dec. 18, 2018.<br /><br />Further, Exhibit (S) – H also showed the correspondence between Bitfnex and the billionaire hedge fund manager Michael Novogratz’s Galaxy Digital to onboard the latter as Bitfinex’s customer in October 2018.<br /><br />In addition, the NYAG provided exhibits to show that Bitfinex held accounts with two New York banks – Signature Bank and Noble Bank – and at least “one other New York-based financial institution during the relevant time period, which they used to transfer money to and from clients of the Bitfinex and Tether platforms.”<br /><br />The NYAG added:<br /><br />“Respondents have repeatedly engaged New York firms to assist them in their business objectives, including to make statements to the markets about the operation of the Bitfinex trading platform and the cash backing of tethers; and as recently as 2019, Respondents opened a trading account with at least one New York-based virtual currency firm.”<br /><br />In the Memorandum of Law in Opposition, the NYAG also took aim at Bitfinex’s recent issuance of the LEO exchange platform token.<br /><br />“Respondents’ recent ‘initial exchange offering,’ for instance, has every indicia of a securities issuance subject to the Martin Act, and there is reason to believe that the issuance is related to the matters under investigation,” the NYAG said.<br /><br />The NYAG first filed a complaint against Bitfinex and Tether in April 2019, alleging that Bitfinex had covered up the loss of more than $850 million by borrowing from Tether’s reserves.<br /><br />Shortly after the NYAG filed the complaint, Bitfinex conducted an initial exchange offering for its own LEO token and one shareholder of the firm claimed it successfully raised $1 billion with commitment from private investors.<br /><br />Source: Coindesk",
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"content": "NYAG: Bitfinex, Tether Served New York Residents Longer Than They Claim\n\nThe New York Attorney General’s Office (NYAG) has submitted new evidence in its aim to prove that crypto exchange Bitfinex and Tether had served New York customers longer than they claimed.\n\nAs part of the NYAG’s ongoing investigation into Bitfinex and Tether, the NYAG filed a Memorandum of Law in Opposition, an affirmation, as well as a total of 28 pieces of exhibits on July 8, with the New York Supreme Court.\n\nThe NYAG said in the new documents:\n\n“Even a cursory examination of the facts gathered to date in the OAG’ s investigation shows that Respondents have extensive and consistent contacts to New York concerning the matters under investigation.”\n\nThe filings come with various exhibits to showcase Bitfinex’s and Tether’s interactions with New York residents over a period that was longer than the two previously claimed.\n\nCoinDesk reported in May that Bitfinex and Tether argued with the judge in the New York Supreme Court that the case should be dismissed since they “have nothing to do with New York investors” and “the businesses do not allow New Yorkers on their platforms and do not advertise or otherwise do business here.”\n\nHowever, the NYAG indicated that based on the series of evidence gathered and provided to the court, Bitfnex had customers log in to its platform as recently as Dec. 18, 2018.\n\nFurther, Exhibit (S) – H also showed the correspondence between Bitfnex and the billionaire hedge fund manager Michael Novogratz’s Galaxy Digital to onboard the latter as Bitfinex’s customer in October 2018.\n\nIn addition, the NYAG provided exhibits to show that Bitfinex held accounts with two New York banks – Signature Bank and Noble Bank – and at least “one other New York-based financial institution during the relevant time period, which they used to transfer money to and from clients of the Bitfinex and Tether platforms.”\n\nThe NYAG added:\n\n“Respondents have repeatedly engaged New York firms to assist them in their business objectives, including to make statements to the markets about the operation of the Bitfinex trading platform and the cash backing of tethers; and as recently as 2019, Respondents opened a trading account with at least one New York-based virtual currency firm.”\n\nIn the Memorandum of Law in Opposition, the NYAG also took aim at Bitfinex’s recent issuance of the LEO exchange platform token.\n\n“Respondents’ recent ‘initial exchange offering,’ for instance, has every indicia of a securities issuance subject to the Martin Act, and there is reason to believe that the issuance is related to the matters under investigation,” the NYAG said.\n\nThe NYAG first filed a complaint against Bitfinex and Tether in April 2019, alleging that Bitfinex had covered up the loss of more than $850 million by borrowing from Tether’s reserves.\n\nShortly after the NYAG filed the complaint, Bitfinex conducted an initial exchange offering for its own LEO token and one shareholder of the firm claimed it successfully raised $1 billion with commitment from private investors.\n\nSource: Coindesk",
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"content": "Do you operate a bitcoin ATM? Do you have a dedicated compliance officer? If not, call on BitSource AML Solutions to provide full dedicated compliance services to keep your business compliant! www.bitsourceaml.com or email Todd Maher at todd@bitsourceaml.com today!<br /><a href=\"https://www.minds.com/search?f=top&t=all&q=bitcoin\" title=\"#bitcoin\" class=\"u-url hashtag\" target=\"_blank\">#bitcoin</a> <a href=\"https://www.minds.com/search?f=top&t=all&q=compliance\" title=\"#compliance\" class=\"u-url hashtag\" target=\"_blank\">#compliance</a> <a href=\"https://www.minds.com/search?f=top&t=all&q=bitcoinatm\" title=\"#bitcoinatm\" class=\"u-url hashtag\" target=\"_blank\">#bitcoinatm</a> <a href=\"https://www.minds.com/search?f=top&t=all&q=AML\" title=\"#AML\" class=\"u-url hashtag\" target=\"_blank\">#AML</a> <a href=\"https://www.minds.com/search?f=top&t=all&q=cryptocurrency\" title=\"#cryptocurrency\" class=\"u-url hashtag\" target=\"_blank\">#cryptocurrency</a>",
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"content": "Do you operate a bitcoin ATM? Do you have a dedicated compliance officer? If not, call on BitSource AML Solutions to provide full dedicated compliance services to keep your business compliant! www.bitsourceaml.com or email Todd Maher at todd@bitsourceaml.com today!\n#bitcoin #compliance #bitcoinatm #AML #cryptocurrency",
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"content": "The U.S. Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) believe there are a number of questions they need to address before they can approve crypto companies’ applications to become broker-dealers.<br /><br />In a joint statement Monday, the SEC Division of Trading and Markets and FINRA’s office of general counsel outlined the different factors that the agencies consider when determining whether to approve a broker-dealer application by a company which touches digital assets, including custody and whether the assets are treated as securities under the Securities Investor Protection Act (SIPA) of 1970.<br /><br />“The ability of a broker-dealer to comply with aspects of the Customer Protection Rule is greatly facilitated by established laws and practices regarding the loss or theft of a security, that may not be available or effective in the case of certain digital assets,” the statement says.<br /><br />Broker-dealers in the U.S. are legally registered and regulated entities which are able to purchase or sell securities, both on their own behalf, as well as for clients. Some companies want to use digital assets as securities, allowing them to market to institutional investors who cannot hold or directly purchase these assets.<br /><br />While a broker can prove that it possesses the private keys to a crypto wallet, it would be difficult to prove that no other entity does, the statement says, explaining:<br /><br />“It may not be able to demonstrate that no other party has a copy of the private key and could transfer the digital asset security without the broker-dealer’s consent.”<br /><br />The joint statement comes in response to questions from market participants, the document says.<br /><br />Companies applying for broker-dealer approvals have been sitting in limbo for months, with some firms waiting more than a year, as CoinDesk previously reported.<br /><br />Many of these firms claimed that the SEC imposed a moratorium on broker-dealer approvals for firms which touch digital assets, while others said that cryptocurrency-based securities simply present novel issues that the regulatory agencies must first assess. Monday’s joint statement would appear to be a confirmation of the latter theory.<br /><br />Crypto exchange Gemini was the most recent firm to apply for a broker-dealer approval.<br /><br />Investor protection<br />Private key issues aside, the SEC and FINRA also discussed how digital assets might not fulfill SIPA requirement for digital securities.<br /><br />SEC Rule 15c3-3 “requires a broker-dealer to physically hold customers’ fully paid and excess margin securities or maintain them free of lien at a good control location,” the document reads. Typically, securities stored in accordance with SIPA requirements have safeguards to reverse or cancel mistaken and unauthorized transactions, and have third-party custodians holding the actual securities.<br /><br />However, when it comes to digital assets, using third-party custodians may increase the risk that the securities are stolen or lost. The broker in question would not be able to reverse the transaction if the securities go to an unauthorized address, the statement says, adding:<br /><br />“In the case of a digital asset security that does not meet the definition of ‘security’ under SIPA, and in the event of the failure of a carrying broker-dealer, SIPA protection likely would not apply and holders of those digital asset securities would have only unsecured general creditor claims against the broker-dealer’s estate.”<br /><br />Other concerns revolve around record-keeping and reporting rules.<br /><br />Specifically, “the nature of distributed ledger technology, as well as the characteristics associated with digital asset securities, may make it difficult for a broker-dealer to evidence the existence of digital asset securities for the purposes of the broker-dealer’s regulatory books, records, and financial statements, including supporting schedules,” the statement says.<br /><br />Some digital asset companies are planning to use distributed ledgers with specific features designed to address record-keeping requirements to store their records, though these firms must still “consider how the nature of the technology may impact their ability to comply” with the reporting rules.<br /><br />Courtesy: Coindesk",
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"content": "The U.S. Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) believe there are a number of questions they need to address before they can approve crypto companies’ applications to become broker-dealers.\n\nIn a joint statement Monday, the SEC Division of Trading and Markets and FINRA’s office of general counsel outlined the different factors that the agencies consider when determining whether to approve a broker-dealer application by a company which touches digital assets, including custody and whether the assets are treated as securities under the Securities Investor Protection Act (SIPA) of 1970.\n\n“The ability of a broker-dealer to comply with aspects of the Customer Protection Rule is greatly facilitated by established laws and practices regarding the loss or theft of a security, that may not be available or effective in the case of certain digital assets,” the statement says.\n\nBroker-dealers in the U.S. are legally registered and regulated entities which are able to purchase or sell securities, both on their own behalf, as well as for clients. Some companies want to use digital assets as securities, allowing them to market to institutional investors who cannot hold or directly purchase these assets.\n\nWhile a broker can prove that it possesses the private keys to a crypto wallet, it would be difficult to prove that no other entity does, the statement says, explaining:\n\n“It may not be able to demonstrate that no other party has a copy of the private key and could transfer the digital asset security without the broker-dealer’s consent.”\n\nThe joint statement comes in response to questions from market participants, the document says.\n\nCompanies applying for broker-dealer approvals have been sitting in limbo for months, with some firms waiting more than a year, as CoinDesk previously reported.\n\nMany of these firms claimed that the SEC imposed a moratorium on broker-dealer approvals for firms which touch digital assets, while others said that cryptocurrency-based securities simply present novel issues that the regulatory agencies must first assess. Monday’s joint statement would appear to be a confirmation of the latter theory.\n\nCrypto exchange Gemini was the most recent firm to apply for a broker-dealer approval.\n\nInvestor protection\nPrivate key issues aside, the SEC and FINRA also discussed how digital assets might not fulfill SIPA requirement for digital securities.\n\nSEC Rule 15c3-3 “requires a broker-dealer to physically hold customers’ fully paid and excess margin securities or maintain them free of lien at a good control location,” the document reads. Typically, securities stored in accordance with SIPA requirements have safeguards to reverse or cancel mistaken and unauthorized transactions, and have third-party custodians holding the actual securities.\n\nHowever, when it comes to digital assets, using third-party custodians may increase the risk that the securities are stolen or lost. The broker in question would not be able to reverse the transaction if the securities go to an unauthorized address, the statement says, adding:\n\n“In the case of a digital asset security that does not meet the definition of ‘security’ under SIPA, and in the event of the failure of a carrying broker-dealer, SIPA protection likely would not apply and holders of those digital asset securities would have only unsecured general creditor claims against the broker-dealer’s estate.”\n\nOther concerns revolve around record-keeping and reporting rules.\n\nSpecifically, “the nature of distributed ledger technology, as well as the characteristics associated with digital asset securities, may make it difficult for a broker-dealer to evidence the existence of digital asset securities for the purposes of the broker-dealer’s regulatory books, records, and financial statements, including supporting schedules,” the statement says.\n\nSome digital asset companies are planning to use distributed ledgers with specific features designed to address record-keeping requirements to store their records, though these firms must still “consider how the nature of the technology may impact their ability to comply” with the reporting rules.\n\nCourtesy: Coindesk",
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"content": "Do you operate a bitcoin ATM? Do you have a dedicated compliance officer? If not, call on BitSource AML Solutions to provide full dedicated compliance services to keep your business compliant! www.bitsourceaml.com or email Todd Maher at todd@bitsourceaml.com today!<br /><a href=\"https://www.minds.com/search?f=top&t=all&q=bitcoin\" title=\"#bitcoin\" class=\"u-url hashtag\" target=\"_blank\">#bitcoin</a> <a href=\"https://www.minds.com/search?f=top&t=all&q=compliance\" title=\"#compliance\" class=\"u-url hashtag\" target=\"_blank\">#compliance</a> <a href=\"https://www.minds.com/search?f=top&t=all&q=bitcoinatm\" title=\"#bitcoinatm\" class=\"u-url hashtag\" target=\"_blank\">#bitcoinatm</a> <a href=\"https://www.minds.com/search?f=top&t=all&q=AML\" title=\"#AML\" class=\"u-url hashtag\" target=\"_blank\">#AML</a> <a href=\"https://www.minds.com/search?f=top&t=all&q=cryptocurrency\" title=\"#cryptocurrency\" class=\"u-url hashtag\" target=\"_blank\">#cryptocurrency</a><br />",
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"content": "Do you operate a bitcoin ATM? Do you have a dedicated compliance officer? If not, call on BitSource AML Solutions to provide full dedicated compliance services to keep your business compliant! www.bitsourceaml.com or email Todd Maher at todd@bitsourceaml.com today!\n#bitcoin #compliance #bitcoinatm #AML #cryptocurrency\n",
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"content": "Do you operate a bitcoin ATM? Do you have a dedicated compliance officer? If not, call on BitSource AML Solutions to provide full dedicated compliance services to keep your business compliant! www.bitsourceaml.com or email Todd Maher at todd@bitsourceaml.com today!<br /><a href=\"https://www.minds.com/search?f=top&t=all&q=bitcoin\" title=\"#bitcoin\" class=\"u-url hashtag\" target=\"_blank\">#bitcoin</a> <a href=\"https://www.minds.com/search?f=top&t=all&q=compliance\" title=\"#compliance\" class=\"u-url hashtag\" target=\"_blank\">#compliance</a> <a href=\"https://www.minds.com/search?f=top&t=all&q=bitcoinatm\" title=\"#bitcoinatm\" class=\"u-url hashtag\" target=\"_blank\">#bitcoinatm</a> <a href=\"https://www.minds.com/search?f=top&t=all&q=AML\" title=\"#AML\" class=\"u-url hashtag\" target=\"_blank\">#AML</a> <a href=\"https://www.minds.com/search?f=top&t=all&q=cryptocurrency\" title=\"#cryptocurrency\" class=\"u-url hashtag\" target=\"_blank\">#cryptocurrency</a><br />",
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"content": "Do you operate a bitcoin ATM? Do you have a dedicated compliance officer? If not, call on BitSource AML Solutions to provide full dedicated compliance services to keep your business compliant! www.bitsourceaml.com or email Todd Maher at todd@bitsourceaml.com today!\n#bitcoin #compliance #bitcoinatm #AML #cryptocurrency\n",
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