Record Cryptocurrency Seizure

If you’ve been paying attention, crypto/virtual currency has been coming up more and more.  Not only are financial institutions starting to see their customers take part in this but banks will also likely be faced with whether they want to get involved in crypto-asset activities in the future.  Is your BSA/AML program ready? 

On February 8th, the Department of Justice announced the arrest of a New York couple for conspiring to launder stolen cryptocurrency.  Over $3.6 billion in cryptocurrency was seized in what was the DOJs largest ever financial seizure.  While the details of this scheme are quite complex, our “crypto guy”, Consultant Kevin Edwards, summarized it quite nicely during our recent webinar, “BSA/AML: Crypto/Virtual Currency”.  Check it out:

You can refer to the court filing for the charts discussed in the video.

If you are new to crypto/virtual currency or just want to learn more be sure to check out the webinar which is available now OnDemand. 

Some of the featured topics include:

  • Crypto Lingo Crash Course: Exchanges and Miners and Tumblers, Oh My!
  • Understanding and Assessing the Risks
  • Updating Your BSA/AML Program
  • Customer Due Diligence: What Questions Should You Be Asking?
  • Ongoing Customer Due Diligence and Updating the Customer Risk Profile
  • Enhanced Customer Due Diligence
  • Red Flags for Virtual Currency Abuse and Spotting Unusual Activity 

Here is some of the feedback we received:

Great information! Our team learned so much!

All the information was great, there is so much to learn and a lot was covered!

I greatly appreciated the program and its contents as there are so many unknowns and players in this area.  It’s hard to comprehend sometimes and BCC makes it much easier!

I didn’t know too much about cryptocurrency. This information was great and very useful.


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