Description
Join us on September 18 for an in-depth discussion of a variety of e-cash products and an examination of the new threats that they pose. You’ll leave this webinar with ideas for establishing and implementing BSA/AML monitoring, identification and reporting programs for unusual and suspicious activities occurring through e-cash at both banking and non-bank financial institutions.
Background
Electronic services are among the most popular services offered in today’s banking environment. While they offer many benefits to consumers, they may be utilized by criminals to launder money and carry out other illegal activities. Financial institutions must stay abreast of the new offerings in this area and be prepared to identify and mitigate the risk.
E-cash (e-money) is a digital representation of money and the use these products is increasing rapidly. E-cash comes in several forms including computer-based, mobile telephone-based, and prepaid cards. The risk associated with money laundering and terrorist financing utilizing prepaid cards, debit cards, gift cards and mobile banking is also increasing.
A firm offering Virtual Currency has been identified as a web-based money transfer system that is vulnerable to money laundering and other illicit activities. We will discuss a specific case where the U.S. Government has shut down a major player in this arena in 2013. This session will point out some of the questionable activities offered by this firm.
New regulations have recently been introduced to assist in identifying and mitigating the risks in this area. Transaction activity from electronic cash can pose unique risks to banks and non-bank financial institutions. Some of these risks include:
• Transactions can be instantaneous
• In many cases, funds can be transferred to or from unknown third parties
• Some of these products are re-loadable
• In certain cases cards may be used globally
• They may be used to avoid border restrictions
• Customers may perceive them as less transparent
Agenda
Join us on September 18 for an in-depth discussion of a variety of e-cash products and an examination of the new threats that they pose. You’ll leave this webinar with ideas for establishing and implementing BSA/AML monitoring, identification and reporting programs for unusual and suspicious activities occurring through e-cash at both banking and non-bank financial institutions. The discussion will also include specific steps to take in identifying and mitigating this risk. I’ll also provide scenarios and real-life examples of how these products can and have been abused to carry out illicit activities.
Agenda items include:
• Bitcoins
• Mobile telephone based banking
• Prepaid cards
• Debit cards
• Gift cards
• Wire transfers
• Computer scams
Benefits
This session will help you:
• Understand the world of electronic cash
• Identify risks related to E-cash
• Mitigate risks through your compliance program
Our discussion will also include account opening, risk rating, and ongoing monitoring.
Who Should Attend
• Compliance Managers
• BSA/AML Professionals
• Security and Fraud Officers
• Risk Managers
• Investigators