Banking and Cryptocurrency: Custody, Payments, AML, Reporting, Special Purpose Bank Charters
Recording of a 90-minute premium CLE video webinar with Q&A
This CLE course will examine the legal issues and risks associated with bank adoption of cryptocurrency. The panel will discuss the mechanics of providing custody of digital assets, facilitating payments and reporting of transactions done on blockchain networks, AML and cybersecurity concerns, and the emergence of digital banks operating through limited purpose bank charters.
Outline
- Blockchain applications: current state of adoption in the banking industry
- Recent OCC guidance on custody and payments: regulatory landscape
- Bank operations in the cryptocurrency space
- Custody services: cryptographic keys
- Payments: executing transactions on a blockchain
- Risks and regulatory issues
- AML, KYC, and BSA compliance
- Reporting issues
- Finality of transactions
- New banks dedicated to cryptocurrency banking: use of the special purpose charter
Benefits
The panel will review these and other critical issues:
- What does custody mean when applied to cryptocurrency, and what are the cybersecurity concerns?
- How are payments made using cryptocurrency, and what risks are created for banks in executing those payments?
- How should AML, KYC, and BSA compliance protocols be adjusted to adapt to blockchain technology?
- What issues still need to be addressed by the OCC and other regulators to facilitate bank engagement in the cryptocurrency space?
Faculty
Patrick J. Boot
Attorney
Hunton Andrews Kurth
Mr. Boot is an attorney with the law firm Hunton Andrews Kurth and is based in Austin, Texas. He specializes in... | Read More
Mr. Boot is an attorney with the law firm Hunton Andrews Kurth and is based in Austin, Texas. He specializes in assisting clients with developing innovative financial products and services, including navigating a wide range of legal and regulatory matters related to digital banking, fintech, payments, cryptocurrency and other digital assets. He has represented financial institutions and technology companies of all types and sizes, from start-ups and small community banks to international financial services firms. Prior to joining Hunton, Mr. Boot served as Vice President and Counsel at SunTrust Bank (now Truist) in Atlanta, where he focused on fintech and payments.
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Richard B. Levin
Partner; Chair - FinTech and Regulation Practice
Nelson Mullins Riley & Scarborough
Mr. Levin is Chair of the FinTech and Regulation Practice and was one of the first lawyers to focus on the... | Read More
Mr. Levin is Chair of the FinTech and Regulation Practice and was one of the first lawyers to focus on the regulation of blockchain and digital assets. He is considered a thought leader in the FinTech space. Mr. Levin brings his experience as a senior legal and compliance officer on Wall Street and in London to bear in advising clients on corporate, FinTech, securities, and regulatory issues. He has been advising FinTech clients on legal and regulatory issues since the start of electronic trading in the late 1990s. Mr. Levin’s practice focuses on the representation of early stage and publicly traded companies in the FinTech space, including investment banks, broker-dealers, investment advisers, peer-to-peer lending platforms, digital currency trading platforms, alternative trading systems, exchanges, and custodians. He represents these firms before the SEC, the CFTC, FINRA, the U.S. Department of the Treasury, the Office of the Comptroller of the Currency, state regulators, and Congress. His current and past clients include leading national financial institutions, multinational financial services holding companies, leading firms in the FinTech space, and institutions engaging in global investment banking, investment management, securities, and other financial services with institutional clients.
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Kevin Tran
Of Counsel
Nelson Mullins Riley & Scarborough
Mr. Tran assists clients in matters related to financial regulatory, FinTech, corporate and securities issues. He... | Read More
Mr. Tran assists clients in matters related to financial regulatory, FinTech, corporate and securities issues. He gained experience at the Federal Reserve Board in Washington, D.C., where he was a Financial Policy Analyst in the Capital and Regulatory Policy group in the Division of Supervision and Regulation. He also served the Board as the Policy Staff Adviser/Chief of Staff to the Deputy Director for Policy. In these roles, Mr. Tran focused on developing regulations and guidance affecting banks and bank holding companies of all sizes, assisting the director with the day–to–day operations of the policy groups, and helping financial institutions and industry trade groups with regulatory interpretations.
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