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Virtual Currency Basics for Colorado Bankers
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10/10/2017
When: Tuesday, October 10, 2017
8:00 AM
Where: CBA 4th floor board room
140 east 19th avenue
Denver 80203
Contact: Mike Bintner
303-8251575


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Colorado Banks may already be banking customers that use virtual currency and not even know it. Now what?

 

The presentation will review the very basics of virtual currencies (VC), why the underlying technology is sweeping the banking and financial sector, who uses VC and how to assess its local use from public resources. You will not only learn some basic VC transaction analytics, but also see commercial applications of virtual currencies that have already crossed into banking and mainstream finance. 

 

The use of virtual currency is not illegal. Use of virtual currency by bank customers should be weighed against that customer’s banking habits or certainly any red flags noted by the bank. We will talk about how to do this and provide a take-away checklist.    

 

Presentation Outline:

 

Virtual Currency (VC) 101: What are Bitcoin, Alt Coin, and Blockchain?

·         The 3 most common types of VC transactions explained

·         Bitcoin examples 

·         What is Darknet?

Virtual Currency and Banks

·         Development of the Technology

·         What is it and how does it affect community banks?

·         What does this look like at the Bank?

Customer Due Diligence or Enhanced Due Diligence

·         Public resources to identify users of VC

·         How and why a customer uses VC

·         Transactions types

BSA Officer Checkup

·         Monitoring VC Customers

·         Training Tips

·         Future compliance issues related to VC

 

In May 2016, Lauren and Bill presented VC’s together to 27 banks and 4 financial service companies at the Suncoast Bankers Compliance Association in Tampa Florida.   

 

In November 2016, Lauren and Bill conducted a webinar on VC’s for the Louisiana Bankers Association.

 

 

2.       LEARNING OBJECTIVE

Raise awareness of the growing use of alternative currencies and how they are moving into the regulated banking industry.

 

 

3.       BIOGRAPHICAL INFORMATION

Lauren Sparks, President, is a Certified Regulatory Compliance Manager (CRCM) with over 30 years in community banking. As a banker, Ms. Sparks held positions ranging from teller to Investment Supervisor to Cashier during her years at a community bank. For 20 of those years, Ms. Sparks practiced risk management in and around the Houston area, administering consumer compliance, internal audit programs and training in the risk management discipline.

 

William (Bill) Sparks retired from 2nd Battalion, 20th Special Forces Group, Mississippi National Guard in November 2015 after a career that included multiple combat deployments and numerous nonstandard assignments.  One such assignment was to form a Counter Threat Finance Team for his unit in April 2013.  Since that time, Bill has been immersed in the digital currency space and advocates commercial applications of Blockchain technology in banking and finance.  Bill owns digital currencies Bitcoin, Ether and Ether Classic for demonstration and investment purposes and believes solid investigative techniques are just as essential and likely more effective than regulation in marginalizing illicit use of digital currencies. 

 

 

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