BSA: Marijuana Businesses, Virtual Currency and Model Validation
Duration: 90 Minutes
This session will offer insights into the application of BSA Requirements on the burgeoning business of medical and recreational marijuana and the silent but effective virtual currency markets and uses, while discussing ways to validate BSA models and applications in monitoring and alerting an institution to potential Money Laundering and other related threats. Keeping up with technology and social changes are two important factors in maintaining an effective and reliable BSA program in dealing with Money Laundering and Terrorism Financing.
Objectives of the Presentation
Why Should you Attend
- Identifying the Marijuana Business, and establishing the relationship
- Determining the monitoring factors, onboarding procedures and data collection necessary to develop a program
- What is Virtual Currency, how does it function, can I touch it? Do you have to?
- What is a Virtual Currency Business, what concerns do you have?
- Modifying ones AML/CIP/KYC programs to address increased responsibilities and identify potential threats
- How is a Risk Model applied in this matter in order to assist in monitoring requirements?
- Determining if current AML processes can handle the expanded obligations
- Ongoing process monitoring and AML concerns
Does your institution have, or is it contemplating working with cutting edge industries? If so, are you capable of handling the specific matters that concern such businesses and its operators? Are you willing to admit that you don't know what you don't know? If so, then attending this webinar will provide you the foundation necessary to develop and or modify existing operational systems in order to properly handle, monitor and successfully fulfill reporting requirements under BSA and other banking regulations.
Who can Benefit
- Marijuana Business and current federal and state rules
- What is Virtual Currency, who created it, what are its applications, how does it work within the traditional financial networks?
- The application of current AML requirements to the new technology and business operations
- Identifying threats and preventing them
- The Application of Risk Models and their use in Monitoring increased transaction activity
- Ongoing process monitoring and AML matters
- AML/BSA officers and consultants
- AML/BSA software developers
- Risk and compliance management personnel
- Regulatory compliance associates and managers
- Company management
- Audit professionals
This topic is an amalgamation of ongoing and developing matters in the AML field, current expectations under BSA and similar regulations and the application of current monitoring and oversight functionality in order to deal with a shifting and expanding business world and customer base.