How Financial Institutions Can Mitigate Crypto Asset Risk Exposures — From Unregistered MSBs to Dark Market Vendors

Featured Speakers :
WHEN : 12/12/2019 1:00 pm 2:00 pm ET

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)