Virtual currency continues to emerge as a hot button for BSA/OFAC risk. In this session, you will learn how virtual currency operates and its place in the fiat currency world. We will provide details on the U.S. banking system’s role in processing these transactions and upcoming regulatory changes that will allow financial institutions to serve as currency exchangers. We will also review how to differentiate investors from exchangers and provide guidance on how to identify these transactions. We will discuss FinCEN and the U.S. Treasury advisories regarding the risk virtual currency transactions could present and explore monitoring protocols and SAR filing responsibilities relating to virtual currency transactions.
Program learning objectives:
- Identify the types of convertible virtual currency and how CVCs are acquired
- Understand points of access and types of CVC wallets utilized
- Evaluate regulatory guidance on CVC red flags for financial institutions
Target Audience: Anyone involved in virtual currency transactions