Virtual Currency Basics for Colorado Bankers | Colorado Bankers Association (CBA) | 10 October 2017 | CBA 4th floor board room, 140 east 19th avenue Denver 80203

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