The initiative will provide cutting-edge compliance training to Coinbase staff on anti-money laundering (AML) best practices and emerging risks for financial institutions in the cryptoasset sector
As part of their efforts to safeguard the virtual-asset sector from criminal abuse, Coinbase Global, Inc. and ACAMS are teaming up to educate anti-financial crime (AFC) professionals on the illicit-finance risks and compliance strategies associated with cryptocurrencies. Under the initiative, more than 60 Coinbase employees will take part in the new Certified Cryptoasset Anti-Financial Crime Specialist (CCAS) certification program, which trains participants on the AML controls and risk-management policies and procedures used across an array of stakeholder organizations in the crypto space.
Launched by ACAMS in October 2022, the CCAS program requires successful applicants to master such topics as common illicit-finance typologies in the crypto sector, Know-Your-Customer standards and best practices, strategies to monitor and track related blockchain payments, and relevant applications of machine-learning and artificial-intelligence tools. To obtain their CCAS credential, Coinbase compliance staff must pass a 175-minute exam of 100 multiple-choice and multiple-select questions drawn from the course’s study guide.
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In addition to operating one of the largest and most globally recognized cryptocurrency exchanges in the world, Coinbase offers merchant payment services, trading platforms for digital assets, including Non-Fungible Tokens (NFTs), and other products involved in the trade, custody, and use of cryptoassets. ACAMS, a leading membership organization for AFC professionals around the world, offers training opportunities and platforms for collaboration to more than 100,000 members in over 180 jurisdictions.
“By providing specialist-level ACAMS training to our compliance staff, we are continuing to ensure that Coinbase is an industry leader in efforts to implement strong and effective AML controls throughout the cryptoasset sector,” said Coinbase Chief Compliance Officer Melissa Strait. “CCAS will not only strengthen the skillset of our compliance staff, but it will also enhance how we deploy our proprietary blockchain analytics software, Coinbase Tracer, to identify and trace suspicious crypto payments.”
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“This partnership proves that, even amid an economic downturn in the crypto space, cryptocurrency exchanges are taking the business of anti-financial crime compliance seriously,” said ACAMS CEO Scott Liles. “Coinbase recognizes that the best path to success for the cryptoasset sector is through the implementation of AFC controls that protect its customers and mitigate its regulatory risks.”
“We’re proud to partner with Coinbase on an initiative that will help safeguard the global financial sector,” he said.
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