FinTech FinCrime Exchange (FFE) Expert Working Group (EWG) has published a report ‘Crypto Industry Insights and Good Practice’ indicating industry’s pain points and common misconceptions. 

EWG was composed of leaders from 16 crypto companies from Europe and USA from across the crypto ecosystem including, exchanges, peer-to-peer marketplaces, and bitcoin ATMs.

Some of the conclusions of the discussion: 

  • Nearly 90% of the group had previously worked within financial crime, but outside of the crypto space. 21.4% of those feel that crypto experience is not required for fincrime hires.
  • A lot of emphasis is placed on transaction monitoring of cryptocurrencies, however there are some who feel there are other ways to mitigate the risk if this is not available.
  • Not all crypto companies are the same – they are not all bitcoin exchanges. Many of these firms are very compliance-focused, and were really keen to get appropriate regulation in place to combat the risks specific to their sector, business model, and clients.

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