Virtual Currencies, Cyber-Payments and Regulatory Compliance
Thursday, October 17, 2013 from 10:00 AM to 11:00 AM (PDT)
This training on virtual currencies compliance will elucidate the rise, purpose, operational intricacies, societal benefits and multiple risks of Bitcoin and the emerging breed of alternative digital currencies. Attendees will learn tools and techniques to manage the risks posed by virtual currencies.
Why Should You Attend :
Virtual currencies allow individual consumers, for the first time in history, to make payments and move funds securely, completely outside of the traditional financial system. In recent months, there has been a lot of hype about the risk of virtual currencies, but not much explanation about how they work and what the real risks and also societal benefits are. The unique features of Bitcoin and its brethren, including the absence of a central control and its purported anonymity (not really true), are attracting both an increasing number of users around the world and the attention of regulators, who are afraid that they might be used to evade taxes, launder money, trade illicit goods or abuse consumers.
In this session, regulators, executives and risk managers will have the opportunity to learn how Bitcoin and other digital currencies work, what the true risks are and what can be done to both manage the risks and exploit the opportunities.
Knowing the internal workings of these currencies and the risks and opportunities they present will give you an edge to you as a professional and to your financial services institution.
Areas Covered in the Webinar:
- What virtual currencies are and how they work
- An introduction to cryptography and math-based
- The definition of terms such as e-wallet, blockchain, pseudonymity, hashing and mining
- An overview of the current legal status and characterization
- An overview of the ground-breaking FinCEN Guidance of March 18, 2013
- An overview of two law enforcement precedents that could slow down the evolution of virtual currencies: the E-Gold and Liberty Reserve cases.
- The opportunities for societal welfare presented by this new value-transfer system
- The consumer protection, financial crime and legality concerns expressed by regulators
- Tools and techniques to manage the risks posed by virtual currencies
At ComplianceOnline, we are focused on :
- Enhancing global compliance, creating a world where quality and compliance professionals, regulators, and government agencies come together to help the world comply with the intent and the spirit of laws, policies and mandates, ensuring continuous improvement in global operations, quality & safety.
- Making sure that we are responsible corporate citizens helping our constituents build a more responsible enterprise, one which operates with high quality , under a code of ethics, and with process discipline to ensure greater shareholder returns.
- Keeping things simple and straight forward , so that we all can indeed improve the quality of our processes, our work, our businesses and enhance compliance globally.
- Being inclusive, giving the process experts ( & novices! ), compliance professionals, quality champions, and regulatory agencies a voice so that all of us can contribute and make a difference.