Association of Certified Financial Crime Specialists
The Association of Certified Financial Crime Specialists (ACFCS) is a member organization for private and public sector professionals who work in various disciplines that control, detect and combat financial crime. Financial crime encompasses fraud, money laundering, and corruption, as well as counter efforts including institutional and corporate compliance and due diligence programs, regulatory and enforcement efforts of government agencies, and the recovery of assets wrongfully taken by financial criminals.
Bitcoin’s promise and perils: What financial institutions should know about the new virtual currency
Until recently, the virtual currency of Bitcoin may have had almost as many critics, skeptics and naysayers as it had actual users. Much has changed in the past few months. With the value of Bitcoins exploding, its exchanges doing a lively business, and more and more merchants accepting it as payment, Bitcoin now seems close to fulfilling its potential as a widely used, decentralized online currency.
One thing that has not changed, however, are the concerns over money laundering and financial crime risks that have swirled around Bitcoin since its inception. To delve into the mechanics of the online currency and explain how it interfaces with financial institutions worldwide, ACFCS is joined by Patrick Murck, General Counsel of the Bitcoin Foundation, on this Financial CrimeCast. He explains the inner workings of Bitcoin, and describes what steps the currency and its exchanges are taking to mitigate financial crime risks.
He also analyzes the impact of recent guidance by the US Financial Crimes Enforcement Network that lays out suggested regulations for virtual currencies for the first time, and explains what financial institutions should know about doing business with Bitcoin users.
http://www.acfcs.org/patrick-murck-bitcoin-podcast/Related May 1st blog entry by Jon Matonis:
http://themonetaryfuture.blogspot.com/2013/05/patrick-murck-discuses-bitcoin-with.html
