Understanding the Basics of Cryptocurrency Including Red Flags

Cryptocurrency, mining, Bitcoin, wallets, keys, virtual assets…are these terms causing you anxiety? Join us as we discuss common virtual asset terminology, provide a non-technical explanation of how this “new” currency works, and address resources issued by various regulatory agencies, including the CFPB, IRS, and FinCEN. This session is designed to introduce you to the virtual currency world which can then be utilized to enhance the financial institution’s role in understanding, training, and monitoring for suspicious activity related to virtual assets.

The "Understanding the Basics of Cryptocurrency Including Red Flags" webinar has been approved for 2 CRCM credits. This statement is not an endorsement of this program or its sponsor. Credits are redeemable for Live attendance only. Certification holders must report these credits at https://aba.csod.com.

Program Highlights

Take Away Tools:

  • Listing of defined crypto terminology
  • Virtual assets red flags
  • Virtual asset resources

Areas of discussion:

  • The evolution of money
  • Critical virtual asset terminology
  • How virtual currency is acquired
  • Review of FinCEN guidance applicable to virtual currency
  • Crypto related enforcement actions
  • Understanding risks when paying with cryptocurrency
  • Types of cryptocurrency scams
  • What’s a digital bank charter?
  • Requirements for reporting cryptocurrency transactions
  • Virtual assets red flag indicators of money laundering and terrorist financing
  • Resources to help understand virtual currency

Who Should Attend?

This session will be beneficial for compliance officers, BSA Officers, trainers, and all staff that desires to learn more about virtual assets.