FinCEN Registration

PayCryptoPal is registered with the Financial Crimes Enforcement Network (FinCEN) as a Money Services Business (MSB). We comply with all federal requirements for cryptocurrency service providers.

Bank Secrecy Act (BSA) Compliance

We maintain a comprehensive BSA/AML compliance program that includes:

• Customer Identification Program (CIP)
• Customer Due Diligence (CDD) and Enhanced Due Diligence (EDD)
• Suspicious Activity Monitoring and Reporting (SARs)
• Currency Transaction Reporting (CTRs) for transactions over $10,000
• Record retention for 5+ years
• Independent compliance audits

OFAC Sanctions Screening

We screen all users and transactions against the Office of Foreign Assets Control (OFAC) sanctions lists. We do not provide services to individuals or entities in sanctioned countries or on restricted lists.

State Money Transmitter Licenses

PayCryptoPal holds or has applied for money transmitter licenses in all required US states. We comply with state-specific regulations including bonding, reporting, and examination requirements.

Know Your Customer (KYC)

Our KYC program requires:

• Government-issued photo ID verification
• Social Security Number or Tax ID verification
• Address verification
• Ongoing monitoring for changes in risk profile
• Enhanced verification for high-value transactions

Anti-Money Laundering (AML)

Our AML program includes transaction monitoring, risk-based customer assessments, and automated alerts for suspicious patterns. We file Suspicious Activity Reports (SARs) with FinCEN when required.

Counter-Terrorist Financing (CTF)

We maintain strict controls to prevent terrorist financing, including screening against terrorist watch lists and monitoring for patterns consistent with terrorist financing.

Data Protection Compliance

We comply with:

• California Consumer Privacy Act (CCPA)
• General Data Protection Regulation (GDPR) for EU users
• Gramm-Leach-Bliley Act (GLBA) privacy requirements
• State data breach notification laws

IRS Reporting

We report cryptocurrency transactions to the IRS as required. Users may receive Form 1099-K for transactions exceeding reporting thresholds. Users are responsible for reporting cryptocurrency gains and losses on their tax returns.

Compliance Officer

Our designated Compliance Officer oversees all regulatory compliance activities and serves as the primary contact for regulatory agencies. For compliance-related inquiries, contact compliance@paycryptopal.com

Regulatory Updates

We continuously monitor regulatory developments and update our compliance program accordingly. Users will be notified of material changes that affect their use of PayCryptoPal.