Regulators Double Down: Crypto-Related AML Risks
About this webinarAcross the globe, virtual currencies are being increasingly prioritized by regulators. For example, in the U.S., FinCEN Director Kenneth Blanco has made it absolutely clear that financial services organizations must have controls in place to identify, monitor and report suspicious activity involving virtual asset-related transactions. More importantly, he has highlighted that examiners, and FinCEN, will ask about these controls when assessing the effectiveness of an organization’s AML program.
How confident are you in the effectiveness of your organization’s AML program?
Typical name-based systems may miss 70 percent or more of cryptocurrency exchanges, and up to 90 percent of the associated transaction volume. These tools often lack the intelligence, including risk ratings on cryptocurrency exchanges around the globe, necessary to perform anything but bare-bones analysis.
In this webinar, NICE Actimize and CipherTrace will share how to build a strategy to identify and mitigate these risks. We’ll also cover how forward-looking organizations are lowering their AML/CTF exposure by using specialized tools that identify risky virtual asset service providers and other compliance risks stemming from virtual-asset businesses.
- How to prepare for when an examiner asks if you have institutional or peer-to-peer virtual currency customers
- Baseline controls needed to identify currency customers and report potentially suspicious virtual asset activity flowing through your organization
- How holistic AML streamlines decision making and provides better customer experiences, improved risk management, and reduced costs