Virtual Cash, Virtual Wallets, And Virtual Branches: The New BSA Frontier

Webinar: ID# 1013471
Recorded On-Demand
About This Course:
New technologies bring new compliance issues! In this program, we will look at the virtual currency issues and the BSA response to those issues.

If you are just at the beginning of the virtual world you may be opening accounts online and using remote deposit capture and are uncovering the real world of issues from both the banking side and from the mobile application side.

Depending on which side you are on, there may be compliance challenges and issues for the development of these smart products. As such, we will discuss the difference between the user, exchanger, and administrator of virtual currency, and the challenges these products bring.

This program will look at these issues and products and the life cycle of product development, compliance, third party management, and BSA issues in a real world of examiners.What You'll Learn:

  • What is virtual currency? Who can begin a virtual currency?
  • What is the difference between real and virtual currency?
  • Who are the user, exchanger and administrator of these currencies?
  • What makes centralized versus decentralized virtual currency?
  • What are the financial institution's responsibilities in monitoring and documenting the activity of the virtual currency?
  • What is a virtual wallet? What is the product used for and what are the compliance issues?
  • What type of money service business is the exchanger of virtual currency?
  • Virtual branches and other online account opening compliance issues
  • The ongoing issues with remote deposit capture and virtual or image checks
  • New products on the horizon and all the new compliance issues
  • Beginning to understand the life cycle of a product from the regulatory point of view
Virtual Cash, Virtual Wallets, And Virtual Branches: The New BSA Frontier
or via On-Demand
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