NYDFS has issued guidance concerning how Virtual Currency Entities handle customer complaints.   According to the guidance:

•   The guidance applies to all “Virtual Currency Entities” (“VCEs”)

•   The guidance applies to individual customers – not institutions

•   The guidance requires VCEs to collect relevant data so DFS can assess whether they are resolving customer service requests and complaints in a “timely and fair manner.”

•   To the extent that a VCE uses artificial intelligence (“AI”) as part of its customer service processes, the VCE, in a clear and conspicuous manner, must inform customers at the beginning of the interaction that the customer is using an AI tool and is not communicating with an actual person.

•   VCE’s must submit quarterly analysis of requests and complaints received

•   The Guidance outlines identifies required policies and procedures, including:
·        providing customers with both a phone and electronic text mechanism to submit requests and complaints, in addition to any other methods to submit requests and complaints a VCE may have;
·        providing regular updates and estimated resolution timelines to the customer, providing a means for the customer to stay apprised of the status of their request or complaint, and providing an explanation when the outcome of an issue is less than what the customer was seeking;
·        publishing an FAQ or similar communication without requiring an account to log in;
·        tracking requests and complaints, along with feedback on customer satisfaction;
·        reporting a quarterly tabulation of the number of requests and complaints received, broken down by method and request/complaint topic. The tabulation must include the average time from receipt to resolution of the requests and complaints;
·        providing a copy of their customer service and complaint policies and procedures, including provisions that align with the standards described throughout the guidance;
·        specifying the individual or individuals responsible for the customer service and complaint policies and procedures.