BSA Digital Assets Ensuring Responsible Development

On March 9, 2022, President Biden signed an Executive Order on Ensuring Responsible Development of Digital Assets. A few of the objectives of the United States with respect to digital assets are to:

1. Protect consumers, investors, and businesses in the U.S. as digital assets can pose significant financial risks if oversight and protections are not in place. Due to rapid growth in this area, some providers and platforms may not be subject to or in compliance with existing regulations.
   
   
2. Mitigate risks posed by illicit use of digital assets as well as promote access to safe and affordable financial services.

CFPB Director Chopra also commented on this Executive Order stating:

Today’s Executive Order recognizes that the dramatic growth in digital asset markets has created profound implications for financial stability, consumer protection, national security, and energy demand. The Consumer Financial Protection Bureau is committed to working to promote competition and innovation, while also reducing the risks that digital assets could pose to our safety and security. We must make sure Americans in all financial markets are protected against errors, theft, or fraud.

If you are new to digital assets, virtual and/or cryptocurrency, learn more by checking out our webinar, “BSA/AML: Crypto / Virtual Currency”, which is available now OnDemand. Some of the featured topics include:

• Crypto Lingo Crash Course: Exchanges and Miners and Tumblers, Oh My!
• Understanding and Assessing the Risks
• Updating Your BSA/AML Program
• Customer Due Diligence: What Questions Should You Be Asking?
• Ongoing Customer Due Diligence and Updating the Customer Risk Profile
• Enhanced Customer Due Diligence
• Is This Crypto Business A Money Service Business?
• Red Flags for Virtual Currency Abuse and Spotting Unusual Activity 
  
  

Published
2022/03/22