The continuing expansion of virtual currencies adoption and the need for financial service providers to understand how to identify cryptocurrency transactions and how to manage its potential risk is increasing. K&F Director of Investigations Don Fort participated in a webinar on February 25, 2021, entitled “I’m Getting Rich on Bitcoin” as part of AML RightSource’s monthly video series, which answered questions about whether financial institutions are ready to manage a new virtual economy.
The webinar covered:
- The current state of regulatory and government positions on cryptocurrencies (including proposed Financial Crimes Enforcement Network (FinCEN) rules and the new Anti-Money Laundering Act of 2020),
- the elements of virtual currency transactions,
- how your financial institution is exposed to them (even if you don’t provide services to crypto exchanges),
- risks that cryptocurrency presents to banks and financial institutions, and
- the essential elements of banking cryptocurrency and how to manage the risk this type of payment method presents.
Moderated by AML RightSource Executive Vice President Chuck Taylor, panelists included Mr. Fort; Stephen Ryan, Chief Operating Officer of CipherTrace; and Joseph Seibert, Managing Group Director and Senior VP of Digital Asset Banking at Signature Bank.
Watch the full webinar below.