Cryptocurrency, mining, Bitcoin, wallets, keys, virtual assets…are these terms causing you anxiety? Join us as we discuss common virtual asset terminology, provide a non-technical explanation of how this “new” currency works, and address resources issued by various regulatory agencies, including the CFPB, IRS, and FinCEN. This session is designed to introduce you to the virtual currency world which can then be utilized to enhance the financial institution’s role in understanding, training, and monitoring for suspicious activity related to virtual assets.
Take Away Tools:
- Listing of defined crypto terminology
- Virtual assets red flags
- Virtual asset resources
Areas of discussion:
- The evolution of money
- Critical virtual asset terminology
- How virtual currency is acquired
- Review of FinCEN guidance applicable to virtual currency
- Crypto related enforcement actions
- Understanding risks when paying with cryptocurrency
- Types of cryptocurrency scams
- What’s a digital bank charter?
- Requirements for reporting cryptocurrency transactions
- Virtual assets red flag indicators of money laundering and terrorist financing
- Resources to help understand virtual currency
Who Should Attend?
This session will be beneficial for compliance officers, BSA Officers, trainers, and all staff that desires to learn more about virtual assets.