Blockchain and Financial Services Blog

Bankers, Bitcoins And the Bank Secrecy Act - A Webinar about Business Opportunities & Risks

SAVE THE DATE: August 28, 2018, at 3:00 p.m. EST

The growing importance of blockchain businesses, and particularly crypto currencies, is undeniable. Like every other important disruptive technology, think of the internet for example, there will be winners and losers among the early adopters, and serious business opportunities for “traditional” banks open to serving participants in the space. To be successful, it will be essential for crypto businesses to find financial institutions to serve their banking needs, such as the deposit of fiat money, the transfer of payments from customer and to creditors and suppliers, and potentially lending needs. But for now, while most bankers are interested, they are also worried about banking this industry of tomorrow. However, as the banking industry has proven over its long history, bankers will master the risks and rewards of servicing this new industry, and in doing so will come the capture of new sources of fee income and loan revenue.

This 90-minute online training webinar is designed for both blockchain business leaders and bankers. We will begin the important discussion by introducing the basics of both businesses, the various risks they may perceive in the other and then potential means for capturing the economic benefits and mitigating the risks. Particular focus will be given to the risk factors arising under federal and state laws, including compliance issues likely to arise under the federal Bank Secrecy Act and the states’ money transmitter licensing statutes.

Learning Objectives:

  • What bankers need to know about virtual currencies and the blockchain
  • What blockchain businesses need to know about banking
  • Virtual currency related businesses overview
  • Business opportunities for banking virtual currency related businesses
  • Business risks from banking virtual currency related businesses
  • Overview of the Bank Secrecy Act
  • Where the regulators are in their interpretations of the Bank Secrecy Act to virtual currencies and other blockchain businesses
  • Overview of states’ money transmitter licensure

Who Should Attend:

  • Financial institutions’ senior management, commercial account officers, risk officers, and treasury management and BSA compliance staff.
  • Virtual currency businesses’ senior management, investors and compliance personnel.
  • Vendors to the Financial Institutions involved in BSA testing, services and products

Speaker Profiles:

William “Bill” Repasky is a Member with Frost Brown Todd, LLC.  He is Chair of the Firm’s Financial Services Litigation Practice Group.  He is also a member of the Firm’s Blockchain and Digital Currency Practice group, focusing on regulatory compliance issues. He was formerly in-house counsel for one of the country’s largest banks, and for a leading credit/debit card processing company. He is a frequent author and lecturer on electronic banking, cyber fraud and financial institution regulatory compliance matters. He obtained his law degree from Vanderbilt University, and did his undergraduate work at the University of Michigan.

Brandi Reynolds, CAMS-Audit, is with CorCom LLC, corporate compliance professionals. She has over 14 years’ experience in the financial services industry. She has delivered efficient and effective solutions in areas of compliance program development, compliance monitoring and testing, and training in relation to federal consumer protection laws and regulations and anti-money laundering laws. Throughout her career, Brandi has gained extensive knowledge in the areas of state and federal compliance and risk management as she works closely with both traditional and non-traditional financial institutions.

Rob Ayers is the Principal officer with Fintech Advisors. His company delivers strategic and tactical support across the financial technology spectrum. Fintech Advisors works with a wide variety of companies, including traditional remittance brands, digital payment start-ups, mobile wallet entities, block chain-powered firms and more. Rob has 25 plus years of experience in the payments industry, ranging from global remittances to digital payments and many areas in between.

Enroll for the Webinar here:

Post a comment:

*All fields are required.

Ask the Blogger

Do you have a topic that you would like discussed in a future blog article? Please let us know. If you have a confidential question regarding a blog article, please feel free to contact the article's author directly, or let us know if you would like for someone to contact you directly.

Attorney Spotlight

Vincent E. Mauer represents clients in commercial and business disputes with particular emphasis on financial institutions and instruments, including financial institution bonds, securities, insurance policies and commercial loans.