Virtual Currency continues to emerge as a hot button for BSA/OFAC and other potential risks including utilizing virtual currency as payment of illegal products and services and as payment for ransomware. In spite of the volatile exchange rates, more and more of the population is investing in Bitcoin and other cryptocurrencies. Financial institutions are challenged with determining the risks these customers and related transactions present. Investments are not just made via a cryptocurrency app but also via Bitcoin ATMs, which allows for the purchase and sale of Bitcoin, with little KYC (Know Your Customer) information collected. Is your financial institution aware of the risks and rewards for banking users and exchangers of virtual currency? As these entities look for a financial institution to conduct their business through, it is prudent to know which controls should be put in place to ensure the program meets regulatory expectations.
Introducing Chapter Board Member
1 ACAMS Credit **Please note that ACAMS credit for this virtual event is available to members of the Chapter only.