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episode 29: BUC Live: The fight against money laundering with cryptocurrencies
Starting 10 January 2020, virtual currency service providers in Austria will be subject to the same know-your-customer and anti-money laundering obligations as credit and financial institutions. What does this mean for companies in the Cryptocurrency space and how does it affect you and me?
I was invited to moderate this panel discussion by Stadler Völkel Attorneys at Law in Vienna.
— Sorry, for the sometimes bad audio quality due to the live recording outdoors! —
Panel guests include:
Bryan Hollmann, counsel at Stadler Völkel Attorneys at Law. Bryans areas of practice are Capital Markets, US Securities Law, Corporate and Company law and FinTech-Companies and Cryptocurrencies.
Uwe Trummer, key account manager at Youniqx Identity AG, a subsidiary of the Austrian State Printing House. Youniqx builds systems that allow to establish people’s identity based on video identification – and to secure digital identities, which enables authorities to prevent abuse.
Oleksiy Feshchenko, anti-money laundering advisor in the Global Program against Money Laundering at the United Nations Office on Drugs and Crime in Vienna. Since 2016 Oleksiy leads a project on cryptocurrencies. This project builds capacities of Financial Inelligence Units, law enforcement and supervisors to investigate cryptocurrencies and reduce risks of money laundering and terrorism financing.
Axel Schuster, advisor at the Family Office and Wealth management department of the Capital Bank in Graz. The Capital Bank offers personal advisory to clients about professional asset allocation, return and risk optimized portfolio management as well as a wide-range of expertise in tax-efficient investments.
Topics:
- What is the current state of KYC/AML regulation for virtual currency companies in Austria?
- What is a virtual currency provider?
- How can virtual currency companies ensure that they are fulfilling their KYC/AML obligations?
- What challenges do banks face when working with virtual currency companies?
- Do banks feel pressure from governments, regulators to not deal with cryptocurrency companies?
- What is the actual vs. perceived risk of using virtual currencies to conduct money laundering worldwide, in the EU and in Austria?
- Which Cryptocurrencies are used by criminals and what for?
- How are illegal activities traced by the authorities at the moment?
- How criminals track down cryptocurrency holders
- Use of mixxers
- How long and when should we blacklist cryptocurrencies that maybe have been used for money-laundering years before, when we don’t do this with cash?
- Is the demand for bank accounts of virtual currency companies rising?
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Recorded: July 31, 2019
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The post BUC Live: The fight against money laundering with cryptocurrencies appeared first on Bitcoin & Co. Podcast.