ACFCS Announces New Focus on Cryptocurrencies for Third Quarter
Thursday, August 1, 2019
Posted by: Brian Kindle
Quarterly Focus to Bring New Resources, Collaboration and Training to Help the Community Address fincrime risks in the crypto space
In the financial crime arena, few topics have generated as much concern and confusion in recent years as cryptocurrencies. Alternately hailed as the future of finance and derided as a dodgy money laundering risk, the crypto world has persisted through the hype and the hate to carve out a space in the legitimate financial system.
The release of crypto guidance from the FATF and the planned launch of Facebook’s Libra currency have recently vaulted cryptocurrencies to greater international prominence. At this point, a working knowledge of cryptocurrencies is essential for nearly any financial crime professional. At the same time, those working in the crypto world often stand to benefit from more contact and collaboration with fincrime professionals at traditional financial institutions, as well as law enforcement and regulators.
For these reasons, ACFCS has chosen cryptocurrencies as the subject of its Quarterly Focus in the third quarter of 2019. In collaboration with its members, partners and the community as a whole, ACFCS will provide a series of trainings, tools and initiatives to bolster understanding of cryptocurrencies and help professionals better address their financial crime risks.
In the coming weeks, ACFCS will offer webinars focused on cryptocurrencies, including one examining their financial crime risks beyond AML, and another delving into Libra and what it might mean for the future of crypto. We’ll also be highlighting past webinars covering the crypto world drawn from our extensive archives for members.
A new resource center on cryptocurrencies and financial crime compliance will feature everything from regulatory guidance to online courses, applicable to those at all knowledge levels. We are inviting contributions and suggestions from our member community to build the most comprehensive database possible.
Perhaps most importantly, ACFCS will be highlighting the efforts of its members in the cryptocurrency space, through profiles, success stories and more throughout the quarter. We’ll also be giving back, through CFCS scholarships for professionals involved in financial crime prevention roles tied to cryptocurrencies.
Learn more about all the upcoming initiatives and ways that you can get involved below:
- On August 20th, an expert on crypto compliance will examine financial crime issues beyond AML for the crypto space. This session will offer concrete tips and tactics to counter a broad array of criminals – including fraudsters, elder abusers, and others – attempting to engage and move funds through cryptocurrencies.
- On August 22nd, Dr. Tom Robinson of Elliptic will explore Libra, Facebook’s potentially game-changing new cryptocurrency system. He’ll describe what it is and why it matters for financial crime prevention.
- Future webinars will feature guidance from law enforcement on crypto risks and investigations, the FATF's regulatory framework around crypto, and more.
Cryptocurrencies remain new and somewhat baffling for many people. In an ever-changing field, even those with a solid grasp of the crypto world still have something to learn.
The new Crypto Compliance Resource Page will serve as a knowledge center specifically focused on the intersection of crypto with AML, fraud and other fincrime issues. With your help, it will be updated and expanded over time. Visit the page and learn how you can contribute today.
Ways You Can Get Involved
- Suggest whitepapers, links, red flag lists, typologies and more to add to the Crypto Resource Center
- Contribute an article related to crypto and fincrime to Financial Crime 360, our bi-weekly newsletter with thousands of readers – Contact Brian Monroe, Director of Content, at email@example.com for more details.
- Be profiled in a member spotlight! Over the next months, ACFCS will be profiling individuals involved in the crypto world in its member spotlights. Interested in being featured? Contact Brian Monroe at firstname.lastname@example.org to learn more.
Scholarships for Crypto and Fincrime roles
Are you in a role involved in detecting and preventing financial crime tied to crypto, such as a compliance professional at a crypto exchange, investigator at a traditional financial institution, law enforcement or regulatory agent, or member of an advocacy group? Do you have a colleague that fits this description?
ACFCS is offering ten complimentary CFCS certification packages to individuals who work to detect and prevent financial crime tied to cryptocurrencies. Preference will be given to those in the public sector and those new to their career (under three years’ experience). The application period is currently open and will end on Tuesday, September 10th. Recipients will be announced on or before Friday, September 20th. Visit the link above for more details and to apply today!