Virtual Asset Risk Mitigation for Financial Institutions—CipherTrace Armada
Banks and other financial institutions need to be aware of the pervasive presence of cryptocurrency in their customer accounts and payment networks as regulators such as FinCEN and FATF make it clear that Virtual Asset Service Providers (VASPs) are also regulated Financial Institutions. In January 2020, the OCC took the first crypto-linked enforcement action against M.Y. Safra Bank for lack of controls related to AML and BSA compliance of virtual asset customers. At the same time, criminals continue to use linked bank accounts at VASPs as fiat onramps and offramps. Regulators and law enforcement are increasingly targeting these illicit crypto transactions that traditional FIs have historically neither looked for nor easily discovered. CipherTrace Armada™ provides critical visibility into this high-risk blind spot so KYC processes can detect virtual asset customers at your bank. Monitoring tools can identify transactions to and from Virtual Asset Service Providers (VASPs) on your payment networks. Armada’s suite of investigative tools and risk reports enables the enhanced due diligence on virtual asset customers required for full BSA/AML compliance.
- Flags high-risk payments between banks and VASPs
- Reveals risk associated with hundreds of VASPs and other virtual asset entities
- Identifies unregistered MSBs and P2P schemes
- Enables banks to manage risks related to virtual asset customers, which includes the ability to safely bank lucrative exchange customers
Featured Speakers:Dave Jevans CEO, CipherTrace Dave Jevans is a founder and CEO of CipherTrace. Mr. Jevans has 20 years of experience in the security, payments and computing markets, which includes experience that spans from serving on the CEO’s technology council at Apple to inventing 21 US patented cybersecurity technologies. He found mobile security pioneer Marble Security, which was acquired by Proofpoint (NASDAQ: PFPT) in 2015. Before Marble, Mr. Jevans founded IronKey, which was acquired by iMation (NASDAQ: IMN). Previously Mr. Jevans founded Receipt.com (acquired by Valicert NASDAQ: VLCT). He has held senior management positions at security companies Tumbleweed Communications (NASDAQ: TMWD) and Teros (acquired by Citrix, NASDAQ: CTXS). He also serves as the chairman of the Anti-Phishing Working Group (www.APWG.org), a consortium of more than 1,500 government agencies, financial services companies, ISPs, law enforcement agencies and technology vendors dedicated to fighting electronic crime. Mr. Jevans holds a Master of Science Degree and a Bachelor of Science Degree, Computer Science from University of Calgary, Canada.