Overview
This webinar will introduce the nuts and bolts of blockchain and cryptocurrencies. Once thought to be a passing internet fad, the adoption of cryptocurrency has seen a remarkable increase, growing to an overall market capitalization of more than $1.65 trillion in less than 10 years. In the past year, JP Morgan has taken on two prominent cryptocurrency exchanges as banking customers, PayPal began accepting cryptocurrency transactions on its network, and Anchorage became the first national bank for digital assets when it received a conditional trust charter from the Office of the Comptroller of the Currency.
In 2019, FinCEN released an advisory requiring all financial institutions, including banks, to monitor virtual currency-related transactions of their customers and file SARs for suspicious transfers that may involve virtual currency-related payments. In 2021, OCC published an interpretive letter stating banks can now hold cryptocurrency assets for their customers. Earlier this year, Federal Reserve Governor Lael Brainard discussed the Fed’s interest in looking at a “digital dollar.” Banks small and large struggle with even knowing the major crypto players and are struggling to find solutions to comply with new global travel rule regulations that require they share originator and beneficiary information for cryptocurrency transfers. These regulatory changes make it vital that banks understand this financial technology.
Attendees will learn about the rise of bitcoin and other tokens based on blockchain and explore the ways that cryptocurrencies are used (and sometimes abused) by their adopters, their prevalence on bank payment networks, and use as a major payment rail. Attendees also will explore legislation that impacts cryptocurrency transfers from a banking perspective, including the FATF and FinCEN Travel Rules and the U.S. Bank Secrecy Act.
Session Highlights
- understand blockchain and cryptocurrency technology
- gain an understanding of different types of cryptocurrencies
- explore use cases for cryptocurrencies
- understand applicable legislation and the relationship between cryptocurrency and traditional (fiat) currency
- learn about traceability of cryptocurrency transactions and their impact on related investigations
Who Should Attend
CEOs, chief operations officers, chief risk officers, chief compliance/BSA officers, risk management officers, compliance officers, BSA specialists, BSA/AML analysts, financial investigators, fraud prevention units
Presenter
Pamela Clegg
Vice President of Financial Investigations
CipherTrace
As vice president of financial investigations for CipherTrace, Pamela works with governments, law enforcement officials, regulators, law firms and financial institutions around the world to conduct cryptocurrency financial investigations. She also trains and educates officials and employees to understand and investigate financial crimes, money laundering and other criminal activity within the cryptocurrency ecosystem.
Before joining CipherTrace, Pamela was the assistant vice president - BSA and information security for First State Bank. She also has more than 10 years of international experience with investigations, due diligence and operations, mostly in Latin America with the U.S. government.
A Certified Anti-Money Laundering Specialist (CAMS), Pamela obtained her bachelor's from the University of Texas at Austin and her master's from the Universidad Autónoma de Madrid. She has conducted trainings and workshops about cryptocurrency and financial crimes globally, including speaking engagements at INTERPOL, UN, EUROPOL, Basel Governance, ACAMS, ACFCS and other international and federal agencies and organizations.
For More Information
Contact the MBA Education Department at 573-636-8151 or email.