Crypto Trends: What Cryptocurrency Growth Means for AML
In an age of innovation, few advances have captured the imagination like cryptocurrencies. The rise of Bitcoin and its virtual brethren have given rise to speculation about revolutions in payment systems and, in some cases, predictions about the potential decline of fiat currencies in the global economy. But along with the potential benefits of crypto there are potential criminal risks, as witnessed by illicit activities on Deep Web marketplaces and the use of cryptos in the execution of ransomware schemes. What’s clear is that cryptos aren’t going away soon. This expert panel outlines the latest developments, and details possible future ones.
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Reviewing regulatory developments, FATF Recommendations and cases of cryptocurrency involvement in crimes such as hacking, ransomware and terrorist financing in order to build staff awareness of unique opportunities and risks of virtual payments
Analyzing risks/benefits of banking crypto businesses and mitigating risks of exchangers/VASPs, including kiosks and Bitcoin ATMs, P2P exchangers, and mixers/tumblers to minimize risks of illicit proceed conversion through use of cryptocurrency or sanctions evasion schemes
Understanding cryptocurrency fund flows, transactional mechanisms, typologies, and geographic nodes that make up advanced crypto-cleansing schemes to illustrate real-world money laundering and sanctions evasion case studies and recent enforcement actions involving cryptocurrency