FTI Financial Crime Compliance

There has been a flurry of regulatory activity in this area, particularly in the US and Asia, and in this episode, we aim to understand and learn a bit more about the US and Asia regulatory dynamics at play in the crypto space, latest developments and the impacts to the industry as a whole.  Some topics covered in this episode include:

• Overview of Crypto
• Asia Perspective – key regulatory regimes and developments
• US Perspective – how US is approaching regulation of companies in the cryptocurrency space and recent regulatory developments and changes expected in the near future
• Travel Rule – Requirements, developments and impact for banks and cryto exchanges

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The entire crypto space has been evolving at a breakneck speed and the ways in which financial crime is being perpetrated is becoming more and more technologically sophisticated. When you look at crypto-currencies and crypto-exchanges, there are some interesting risks and threats that are developing which we explore further in this episode. Some topics covered in this episode include:

• Landscape of the US regulatory and enforcement agencies that have the ability to bring anti money laundering and sanctions related enforcement actions against the virtual currency businesses.
• Key trends in the enforcement of financial crime abuse in the crypto space

• Expected enforcement activity and where it will be focused
• Investigation and litigation trends in US and Asia
• Cybersecurity threats and vulnerabilities

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There's a great deal of change and uncertainty at play and when coupled with the nuances in these businesses and how they interact with customers, designing and implementing a fit for Purpose Financial Crime Compliance programme poses both challenges and opportunities. In this episode, we will discuss how crypto exchanges are operationalised and compliance in this evolving space. Some topics covered in this episode include:

• Navigating regulatory tangles: What does it mean in terms of implementing a compliance programme, both from a regulatory perspective but also from a risk perspective
• Specific risks confronting the industry
• US Sanctions applicability
• Travel Rule threshold challenges
• Risk Assessment for Cryptos
• Best practises
• Implementation of AML compliance programmes in practice
• Regulatory enforcement trends and predictions
• Differences between how cryptoexchanges approach their financial crime risks and operations versus traditional banks
• The parts of ‘bank compliance’ which need to be inculcated in cryptoexchanges and which parts need to be refined or even avoided?

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