How Financial Institutions Can Mitigate Crypto Asset Risk Exposures — From Unregistered MSBs to Dark Market Vendors
Featured Speakers :
Steve Ryan is a founder and COO of CipherTrace. He has 25 years of experience in the security and payments markets. Mr. Ryan is the inventor of 3-D Secure, the largest consumer payment authentication solution in the world, with over 150 million consumer users.
Mr. Ryan is a Fintech/Security executive and serial entrepreneur and has experience with a variety of internet-based security initiatives as well as experience with productizing government-funded initiatives. Additionally, Ryan has been an early stage advisor to some very successful Silicon Valley companies including PayPal and Splunk.
As a seasoned entrepreneur, he helped build and bring to market mobile security company Marble, which is now part of security leader Proofpoint (NASDAQ: PFPT).Prior to Marble, Ryan was an Executive Vice President at Online Resources and was responsible for Digital Banking and Payment Operations, which was sold to ACI Worldwide. Before Online Resources, Ryan was a co-founder of IronKey, which productized DHS S&T research and ultimately sold over 2 million IronKey devices, the world’s most secure Flash drive. Ironkey became part of iMation NASDAQ: IMN). Previously Mr. Ryan was Senior Vice President at Visa USA. Before Visa, he was Senior Vice President at First Data where he was responsible for Product Management and Marketing. Mr. Ryan began his career in the Fintech industry at Bank of America, where he developed and managed the bank’s credit card processing systems.
Complimentary Webinar, Presented by CipherTrace
Crypto assets have become pervasive in the financial industry to a surprising degree. Consequently, even banks that don’t think they have risk exposure need early warnings and detection of bad actors operating in their networks and payment system.
For example, with several hundred virtual asset service providers—these financial institutions are unknown to most banks—you may in non-compliance by unknowingly sending fiat to purchase crypto assets. Cryptocurrency peer-to-peer (P2P) exchangers may also operate unlicensed money service businesses (MSBs) to support the illegal trade of cash for crypto through banks and other financial institutions. Or, Darknet markets often sell stolen banking credentials for bitcoin for a fraction of the price of the compromised accounts. Don’t’ miss this webinar to hear experts detail how banks can gain the visibility and expertise to mitigate risk exposure from this new asset class.
Attendees will learn:
- How P2P exchangers skirt detection at banks to hide their unlicensed MSBs
- The latest in Darknet market tactics such as selling stolen bank credentials for cryptocurrency.
- How the BSA and FATF fund “Travel Rules” can cause banks to be cited for non-compliance, such as unwittingly sending and receiving money to virtual asset service providers (VASPs)