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In 2009, a talented programmer (or group of programmers) released the first virtual currency protocol, known as Bitcoin. The Bitcoin protocol, essentially a robust P2P payment system, has now spun several other virtual currencies (Litecoin, Dogecoin, etc..) and has the potential to transform existing payment systems while offering consumers a lower-cost, secure and more convenient method for transferring funds. More importantly, this disrupting technology remains severely unregulated despite the growing attention of the media.
The promise of Bitcoin (and virtual currencies in general) has spurned numerous start-up firms and attracted the attention of consumers and investors. While the use of Bitcoin is gaining popularity as a new and innovative approach, there are numerous concerns regarding the lack of transparency associated with transactions, security protocols and government oversight. You can read more about US attempts to regulate Bitcoin in a series of excellent articles here, here, here, and here, but thus far, there have been little discussion specifically about Bitcoin compliance for banking institutions - including BSA / AML risks.
Enforcement actions against the principals of Liberty Reserve and Silk Road as well as the bankruptcy of the digital currency exchange, Mt. Gox, and subsequent loss of consumer funds, have shed further light on the concerns and have caused regulators and lawmakers to further review this technology.
Join us July 8 to learn how Bitcoins are being used in the marketplace, its potential and the risks that financial institutions face in this arena. This is a rapidly moving technology and it is crucial that financial institutions understand how Bitcoin acts as a delivery channel and be prepared to address compliance challenges. The agenda includes:
We invited two prominent experts to educate us on direct implications of Bitcoin in current banking practices. John Beccia is General Counsel and CCO of Circle, one of the larger digital currency firms providing digital currency solutions for consumers and merchants. Nelson Everhardt is a leading Bank Secrecy Act / Anti-Money Laundering Compliance consultant who formerly directed the BSA/AML program at Bank of America. You and your organization will be in a better position to act proactively when dealing with these new and innovative financial products and services.
Make sure you reserve your seat for our Bitcoin Regulation webinar and remember - one registration is good for your entire team (as long as you can fit them in a conference room/office).
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