BSA/AML & Digital Currencies: The New Challenges
Digital currencies, not just Bitcoin and the like, but also digital wallets, bring new challenges to BSA/AML compliance. They are a significant factor in money laundering despite efforts to ensure that they are restrained sufficiently to meet the ongoing demands of Anti-money laundering and the Bank Secrecy Act.
It is crucial to understand how digital currencies are used and abused. Criminals take advantage of this new type of money to hide transactions and avoid scrutiny. Nevertheless, you remain required to adhere to BSA/AML compliance regulations and to identify potentially nefarious activity.
- An introduction into “currency” and how that definition feeds into the principles of BSA/AML.
- What the difference is between virtual currencies and cryptocurrencies and how that impacts compliance.
- How cryptocurrencies have evolved, how they work and how they have failed.
- Understanding of elements such as mining, blind signatures, digital wallets, etc.
- How regulators have worked to manage risks from digital currencies and what may be required for the future of digital currencies for them to gain traction in the “real” world.
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