How to Comply with FinCEN’s Rules for Virtual Currencies
March 2, 2021 | 12 pm ET | 1 CAMS | Register Now
In recent addresses, FinCEN Director Kenneth A. Blanco has repeatedly reminded financial institutions that they need to look at their risk exposure as well as, policies and procedures related to cryptocurrencies or convertible virtual currencies (CVCs).
Many FIs believe that this guidance does not apply to them since they do not directly buy, sell, or provide custody to virtual assets. However, research has shown that many banks do not know how to properly detect and monitor virtual currency-related transactions and in fact, are inadvertently allowing them to flow through their institution.
In this webinar, Dave Jevans, CEO at CipherTrace is going to discuss the following:
- FinCEN’s rules for CVCs and what they mean to FIs
- Red flags and money laundering typologies for CVCs that are worth noting
- How CVCs are not detected by FIs and the surprising discovery by one bank when they used crypto intelligence to analyze the transactions flowing their institution
- Actionable steps within your screening and transaction monitoring processes that you can implement today to reduce your exposure to criminal actors using virtual assets
Join us for this insightful webinar!