Best Practices
Essential guidelines for maintaining compliance and security in cryptocurrency operations
Compliance Best Practices
Regular Risk Assessments
Conduct periodic wallet checks to monitor risk changes
- Check wallets before major transactions
- Monitor counterparty risk scores
- Set up alerts for risk score changes
- Review compliance status monthly
Documentation & Records
Maintain comprehensive transaction records
- Keep detailed transaction logs
- Document business purposes
- Store compliance certificates
- Maintain audit trails
KYC/AML Procedures
Implement proper customer verification
- Verify customer identities
- Screen against sanctions lists
- Monitor transaction patterns
- Report suspicious activities
Risk Mitigation
Proactive measures to reduce compliance risks
- Avoid high-risk counterparties
- Use compliant service providers
- Implement transaction limits
- Regular compliance training
Security Best Practices
Wallet Security
- Use hardware wallets for large amounts
- Enable multi-factor authentication
- Keep software updated
- Use strong, unique passwords
Private Key Management
- Never share private keys
- Store seed phrases securely offline
- Use multiple backup locations
- Test recovery procedures
Transaction Monitoring
- Review all transactions before signing
- Verify recipient addresses
- Monitor for unauthorized access
- Set up transaction alerts
Operational Security
- Use dedicated devices for crypto
- Avoid public WiFi for transactions
- Keep transaction details private
- Regular security audits
Transaction Best Practices
Pre-Transaction Checks
Always verify before sending
- Check recipient wallet risk score
- Verify address accuracy
- Confirm transaction amount
- Review gas fees and timing
Transaction Timing
Optimize for security and cost
- Avoid peak network congestion
- Use appropriate gas fees
- Consider transaction finality
- Plan for confirmation times
Counterparty Verification
Know who you're transacting with
- Verify identity when possible
- Check business credentials
- Review transaction history
- Use escrow for large amounts
Amount Management
Smart transaction sizing
- Use appropriate transaction sizes
- Split large transactions
- Consider reporting thresholds
- Monitor cumulative amounts
Business & Enterprise Practices
Corporate Governance
- Establish clear crypto policies
- Define approval processes
- Implement segregation of duties
- Regular board reporting
Staff Training
- Regular compliance training
- Security awareness programs
- Incident response procedures
- Role-specific education
Policy Documentation
- Written compliance procedures
- Risk management frameworks
- Incident response plans
- Regular policy updates
Regulatory Compliance
- Stay updated on regulations
- Maintain required licenses
- Submit timely reports
- Engage with regulators
Enterprise Support
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