Description
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. This session will be beneficial for compliance officers, BSA Officers, trainers, and all staff that desires to learn more about virtual assets.
Includes: 30 Days OnDemand Playback, Presenter Materials, and Handouts
The “Understanding the Basics of Cryptocurrency Including Red Flags” webinar has been approved for 2 CRCM credits. This statement is not an endorsement of this program or its sponsor. Credits are redeemable for Live attendance only. Certification holders must report these credits at https://aba.csod.com.
Covered Topics
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
Instructor Bio
Molly began her banking career on the teller line while working on her undergraduate degree and has continued working in the financial industry ever since. Some of her experience includes roles in operations, business resumption planning, consumer compliance, and conducting audits. Her favorite role is ensuring that her audience, whether on the sports field or in the financial industry, understands the “why” behind the rule. Her wealth of financial knowledge and her numerous years of experience enable her to relate the material to the audience.
