Bitcoin is a digital currency created in 2009. Bitcoin has the potential to transform existing payment systems and offer consumers a lower-cost, secure and more convenient method for transferring funds. The promise of this technology has spurned numerous start-up firms and attracted the attention of consumers and investors. While the use of Bitcoin is gaining popularity as a new and innovative approach, there are numerous concerns regarding the lack of transparency associated with transactions, security protocols and government oversight. Enforcement actions against the principals of Liberty Reserve and Silk Road as well as the bankruptcy of the digital currency exchange, Mt. Gox, and subsequent loss of consumer funds, have shed further light on the concerns and have caused regulators and lawmakers to further review this technology.
Learn how Bitcoins are being used in the marketplace, its potential and the risks that financial institutions face in this arena. This is a rapidly moving technology and it important that financial institutions understand this delivery channel and be prepared to address the compliance challenges.
Agenda
Benefits The discussion will cover:
• The origins of Bitcoin, the definition of digital currency and an overview of how it works
• The use cases of Bitcoin and how it is being used by consumers and merchants
• The future expectations for Bitcoin
• The current legal and regulatory framework
• The compliance challenges for financial institutions and digital currency firms
• The financial supervisors’ concerns
• As a financial institution, actions that should be taken when interacting with digital currency or digital currency firms
You will be brought up-to-date on the recent developments and controversy involving Bitcoin by experts in the field, including in-house counsel for one of the larger digital currency firms and a leading BSA/AML Compliance consultant who formerly directed the BSA/AML program at Bank of America. You and your organization will be in a better position to act proactively when dealing with these new and innovative financial products and services.
Who Should Attend
• Compliance Personnel
• Bank Secrecy Act Officers
• Auditors
• Attorneys
• Line of Business Associates
• Risk Managers