How Banks and Crypto Exchanges Can Comply with New FATF and BSA Travel Rules
Featured Speakers :
Dave Jevans is a founder and CEO of CipherTrace. Mr. Jevans has 20 years of experience in the security, payments and computing markets, which includes experience that spans from serving on the CEO’s technology council at Apple to inventing 17 US patented cybersecurity technologies. He found mobile security pioneer Marble Security, which he sold to Proofpoint (NASDAQ: PFPT) in 2015. Before Marble, Mr. Jevans founded IronKey, which was acquired by iMation (NASDAQ: IMN).
Previously Mr. Jevans founded Receipt.com (acquired by Valicert NASDAQ: VLCT). He has held senior management positions at security companies Tumbleweed Communications (NASDAQ: TMWD) and Teros (acquired by Citrix, NASDAQ: CTXS).
He also serves as the chairman of the Anti-Phishing Working Group (www.APWG.org), a consortium of more than 1,500 government agencies, financial services companies, ISPs, law enforcement agencies and technology vendors dedicated to fighting electronic crime.
Some in the virtual asset industry have complained the new FATF Travel Rule could cripple cryptocurrency exchanges and violate user privacy. The new rule compels exchanges and other virtual asset service providers (VASPs) in all G20 countries to share and store private sender (originator) and receiver (beneficiary) information related to every cryptocurrency transaction over USD/EUR $1,000.
Further complicating the issue, new FinCEN guidance clarifies that most US exchanges are subject to the Bank Secrecy Act (BSA) funds “travel” rule, meaning they should already be in compliance. This includes banks knowingly or unknowingly transacting with VASPs.
G20 nations have already begun putting this rule into law. So don’t miss this webinar to find out how your exchange or bank can deploy the TRISA (Travel Rule Information Sharing Architecture) to begin complying. This open, peer-to-peer architecture is decentralized, like many crypto assets, and leverages the best cybersecurity practices developed, proven and trusted over the last 20 years. Better still, it is designed to not slow down the existing and carefully crafted payment transaction flows of cryptocurrency exchanges and custodial wallets. This includes scaling to their enormous volumes and 7X24 reliability demands.
Attendees will learn:
- What the FATF and BSA Travel Rules demand of virtual asset service providers and the institutions that transact with them.
- The timeline of FATF and BSA Travel Rule compliance in regard to virtual assets.
- The new challenges these rules create for cryptocurrency exchanges and other virtual asset service providers.
- How exchanges can immediately begin using trusted, established, open-source technology to comply with FATF regulations and confidently transmit transaction data.
This webinar is eligible for 1 continuing education credit and/or CFCS credit. A recording of the presentation, slides, and certificate of participation will be available for ACFCS members only.
Important note for ACFCS members: Please register using the email address tied to your membership account so that your credits can be properly tracked.