BSA/AML & Virtual Currency

The use of crypto and/or other virtual currencies (i.e., Bitcoin, etc.) has become more and more mainstream within the banking industry but there are significant risks that cannot be ignored. You need to understand the potential impact on your BSA/AML program.

Recorded Wednesday,
July 19th, 2023
Presented by Kevin Edwards
2h total length
$279.00 or 1 Token

Includes: 30 Days OnDemand Playback, Presenter Materials and Handouts

  • BSA
  • Compliance
  • General Compliance
  • Bank Secrecy Act Officer/BSA Specialist
  • Board Member
  • Branch Manager
  • Compliance Officer
  • Deposit Operations Manager/Specialist
  • Internal Auditor
  • Risk Manager
  • Senior Management

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The world of crypto and/or virtual currency can be overwhelming. It’s still fairly new but it’s becoming more and more prevalent with your everyday customers, even those that aren’t particularly financially savvy. Not only are there new terms and concepts to understand, it’s also an area that is constantly evolving and changing. The speed of transactions and the relative anonymity provided has made virtual currency an attractive option for criminals and money launderers. A basic understanding of these types of higher-risk activities is essential because there are so many things to consider from a BSA/AML perspective.

What You'll Learn

  • Crypto Lingo Crash Course: Exchanges and Miners and Tumblers, Oh My!
  • Understanding and Assessing the Risks
  • Updating Your BSA/AML Program
  • Customer Due Diligence: What Questions Should You Be Asking?
  • Ongoing Customer Due Diligence and Updating the Customer Risk Profile
  • Enhanced Customer Due Diligence
  • Is This Crypto Business Also A Money Service Business?
  • Red Flags for Virtual Currency Abuse and Spotting Unusual Activity

Who Should Attend

BSA/AML officers/teams, management, compliance officers, auditors, and other risk management personnel will value this course.

Kevin Edwards

Instructor Bio

Kevin brings years of experience and a unique perspective on regulatory matters to his clients. A self-proclaimed geek and accredited CRCM, Kevin is also a former attorney with experience as in-house counsel for a large regional bank and one of the leading national title insurance providers. Kevin decided to leave the safety and serenity of his desk job to seek fortune and glory as a wandering adventurer. He now travels the land seeking to help those in need and righting compliance wrongs, wherever he may find them.