1. Monitor Suspicious Account Activity: Monitor account activity for any high-volume, out-of-the-ordinary transactions, sudden drastic changes in volume or velocity of trades, and account changes that could be used to obscure the source of funds.
2. Know Your Customer (KYC) Policies: Establish a strong customer identity program to ensure that all customers are properly authenticated and observe stringent recordkeeping requirements.
3. Implement Transaction Screening Procedures: Regularly check transactions against sanctions lists, watch lists, and other databases to detect fraudulent patterns.
4. Utilize Cryptocurrency Exchange Surveillance: Use cryptocurrency exchange surveillance tools to identify suspicious trading behavior, including insider trading, pump and dump schemes, and spoofing.
5. Monitor Social Media Activity: Monitor social media sites such as Twitter, Reddit, and Telegram for early signs of fraud and manipulation.
6. Spot Common Scams: Be on the lookout for common crypto scams, such as Ponzi and pyramid schemes, phishing campaigns, and fake ICOs.