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Customer purchasing Bitcoin

Answered by: 

Question: 
Why would my customer be making repeated purchases of Bitcoin?
Answer: 

It may be that your customer plans to become a money transmitter. It could be that the customer wants to use Bitcoin to make purchases in an anonymous way. It could be that the customer views Bitcoin an “investment” and is speculating that the price will go up and he will profit. A simple conversation with the customer will help you figure it out. If your customer does become a money transmitter, he or she will have to register with FinCEN and perhaps your state.
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Learn more about Deborah Crawford’s webinar Managing BSA risk of new payment methods

First published on 10/16/2016

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