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Keeping Bank Secrets: Things you Can Go to Jail for Telling;
Mary Beth Guard

September 8
Checkup for your RDC Program;
Susan Orr

September 10
Critical Issues on Certificates of Deposit;
Deborah Crawford

September 16
S.A.F.E. Act - Auditing for Compliance;
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September 22
FinCEN's Beneficial Owners Proposal: What It Can Mean for You;
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September 23
Bankruptcy 101;
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#1822082 - 06/10/13 03:10 PM Bitcoin Impression?
InterestedParty Offline
New Poster

Registered: 12/04/06
Posts: 15
Loc: Northern California
I know there are some topics on Bitcoin but I wanted to ask anyone willing to participate what they thought about Bitcoin?

What are your concerns and do you think those concerns can be addressed?

Here is why I am interested. Years ago I helped start a small payments company that is now relatively ubiquitous and almost part of the internet culture. I think...

During those early crazy days, I remember going to industry conferences and hearing hushed whispers about us when we'd walk through the crowd. All sorts of rumors prevailed and one of my responsibilities was to help allay the fears of bankers and law enforcement. And ultimately I think we did a good job and built a truly world class system for investigations and AML/BSA/OFAC monitoring.

I find myself in a similar situation now and I am excited about the challenge. I think we are building a Bitcoin group that will hopefully knock the socks off the industry and will more importantly bring about the same trust and cooperation I experienced back in 1999-2002 in my previous company's "early days".

So please let me hear it what is it about Bitcoin that has everyone so concerned. So is obvious but I want to see for myself. I have already started working with federal law enforcement on some areas relating to this and know their concerns.

So let's chew the fat (just not my fat pls):)

John

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BSA/AML/CIP/OFAC
#1822180 - 06/10/13 06:21 PM Re: Bitcoin Impression? [Re: InterestedParty]
rlcarey Offline
10K Club

Registered: 07/16/01
Posts: 49711
Loc: Galveston, TX
Well, considering I have been a banker my whole life and I absolutely have no idea what a bitcoin is, except something that is digitally created and it supposedly has some worth, I guess I am not sure of any need to create an unknown and totally unregulated form of exchange. Maybe I am just old, but what is wrong with old fashion currency and credit cards unless you believe the conspiracy theorists regarding the fallacy of the current economic systems. They say they can't be counterfeited. I find that just a little beyond believe as everything is scammed sooner or later.

Personally, if the world comes to an end, I think I will stay with my gold coins over digital money when the electricity goes out.
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The opinions expressed are my own, take them or leave them.

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#1822353 - 06/11/13 11:06 AM Re: Bitcoin Impression? [Re: InterestedParty]
devsfan Online
Diamond Poster

Registered: 06/25/04
Posts: 1815
Loc: NYC
I am with Randy on this one.

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#1822364 - 06/11/13 11:22 AM Re: Bitcoin Impression? [Re: InterestedParty]
edAudit Online
Power Poster

Registered: 07/18/08
Posts: 2872
Loc: You are here
I would also think that since the regulators are not onboard with Bitcoms the downside of dealing with the companies using/selling/brokering is much greater than any possible upside (fees).
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#1822682 - 06/12/13 09:12 AM Re: Bitcoin Impression? [Re: InterestedParty]
HappyGilmore Online
10K Club

Registered: 06/11/04
Posts: 17386
Loc: Moron, Mongolia
and banks who provide a channel for bitcoin-type cashing in will be under much greater scrutiny in the near future...
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Remember when Truth and Justice were the American Way?

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#1823074 - 06/12/13 05:29 PM Re: Bitcoin Impression? [Re: InterestedParty]
el guapo Online
100 Club

Registered: 07/22/04
Posts: 242
With the ubiquity of ATM/Debit cards I am sure the day will come when the population at large will be open to a completely electronic form of currency (or currency transaction) but it will at the very least have to transition into an electronic form of our current currency first since the perceived value is already there. I don't think the general public is going to leap from the dollar to some newly created electronic currency which will require them to buy into it's mostly esoteric value or worth. Of course that brings us to how we were led to accept the value or worth of the paper and coin we use today, so there is a precedent for that kind of leap occurring with the right conditions and timing. I think this is where the much bigger challenge will be than the regulatory issues that ours and various governments may want answered.

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#1823833 - 06/14/13 03:40 PM Re: Bitcoin Impression? [Re: el guapo]
Retread Offline
Diamond Poster

Registered: 10/31/03
Posts: 2485
Loc: Southeast
Here's a good story on Bitcoins for those that might be interested.

Bitcoins
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Politicians are like diapers. They need to be changed often and for the same reason.

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#1838340 - 07/31/13 10:16 PM Re: Bitcoin Impression? [Re: InterestedParty]
Kathleen B Online

10K Club

Registered: 12/27/00
Posts: 17283
_________________________
Kathleen Blanchard CRCM "Kaybee"
Lending/CRA/HMDA/Mapping/Consulting
www.kaybeescomplianceinsights.com

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#1838744 - 08/01/13 07:20 PM Re: Bitcoin Impression? [Re: Kathleen B]
Retread Offline
Diamond Poster

Registered: 10/31/03
Posts: 2485
Loc: Southeast
This is an alert from the SEC
Ponzi Schemes and Virtual Currencies
_________________________
Politicians are like diapers. They need to be changed often and for the same reason.

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#1839982 - 08/06/13 04:24 PM Re: Bitcoin Impression? [Re: InterestedParty]
Waterfall Offline
Member

Registered: 10/16/06
Posts: 91
Loc: PA
Interested Party, the question I have is how do we write rules or scenarios for our AML software to identify anyone that may be doing suspicious activity via Bitcoin or other virtual currency? With your insights, this is what BSA Officers need from you in order to cover our responsiblities.

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#1841503 - 08/12/13 10:36 AM Re: Bitcoin Impression? [Re: InterestedParty]
MSB Consultant Online
New Poster

Registered: 11/28/12
Posts: 9
Loc: Atlanta, GA
For anyone who would like more knowledge on virtual currencies that is not from an all doom & gloom perspective, I recommend www.Bitcoinmagazine.com. When you are on the site, you can sign up for a free Bitcoin Guide to be emailed to you by signing up in the box that is part way down on the right side of the webpage.

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#1841519 - 08/12/13 11:07 AM Re: Bitcoin Impression? [Re: InterestedParty]
edAudit Online
Power Poster

Registered: 07/18/08
Posts: 2872
Loc: You are here
More from our friends at NYS DFS

http://www.latimes.com/business/money/la-fi-mo-new-york-regulator-virtual-currencies-20130812,0,7377780.story
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Opinions can be considered as coming from anywhere but my employer.

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#1841532 - 08/12/13 11:29 AM Re: Bitcoin Impression? [Re: InterestedParty]
YHWB Offline
Platinum Poster

Registered: 04/01/05
Posts: 507
Loc: Out there
And there's this concerning security...

http://www.bbc.co.uk/news/technology-23664743

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#1841883 - 08/12/13 08:33 PM Re: Bitcoin Impression? [Re: YHWB]
Retread Offline
Diamond Poster

Registered: 10/31/03
Posts: 2485
Loc: Southeast
_________________________
Politicians are like diapers. They need to be changed often and for the same reason.

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#1842895 - 08/15/13 01:57 PM Re: Bitcoin Impression? [Re: Retread]
Retread Offline
Diamond Poster

Registered: 10/31/03
Posts: 2485
Loc: Southeast
_________________________
Politicians are like diapers. They need to be changed often and for the same reason.

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#1843171 - 08/16/13 11:34 AM Re: Bitcoin Impression? [Re: InterestedParty]
loyo111 Offline
Member

Registered: 03/15/06
Posts: 81
Loc: Miami
We have created custom alerts with keyword searches on the different variations out there to review clients that are buying into the currency.

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#1843449 - 08/16/13 07:59 PM Re: Bitcoin Impression? [Re: loyo111]
Retread Offline
Diamond Poster

Registered: 10/31/03
Posts: 2485
Loc: Southeast
In case anybody is interested.

Bitcoin Survey
_________________________
Politicians are like diapers. They need to be changed often and for the same reason.

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#1846418 - 08/27/13 04:01 PM Re: Bitcoin Impression? [Re: Retread]
Retread Offline
Diamond Poster

Registered: 10/31/03
Posts: 2485
Loc: Southeast
_________________________
Politicians are like diapers. They need to be changed often and for the same reason.

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#1846573 - 08/28/13 09:59 AM Re: Bitcoin Impression? [Re: Retread]
EdSpenser Online
100 Club

Registered: 08/23/13
Posts: 207

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#1848867 - 09/04/13 06:44 PM Re: Bitcoin Impression? [Re: EdSpenser]
Retread Offline
Diamond Poster

Registered: 10/31/03
Posts: 2485
Loc: Southeast
Soon you may be able to buy your favorite politician with Bitcoins.

Buy A Politician With Bitcoins

Request For Opinion From FEC
_________________________
Politicians are like diapers. They need to be changed often and for the same reason.

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#1853532 - 09/18/13 04:15 PM Re: Bitcoin Impression? [Re: Retread]
Retread Offline
Diamond Poster

Registered: 10/31/03
Posts: 2485
Loc: Southeast
Here's more on Bitcoins.

Local Bankers Note Growth of Bitcoins
_________________________
Politicians are like diapers. They need to be changed often and for the same reason.

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#1857785 - 10/02/13 02:42 PM Re: Bitcoin Impression? [Re: InterestedParty]
edAudit Online
Power Poster

Registered: 07/18/08
Posts: 2872
Loc: You are here
Website owner Ross William Ulbricht -- known as “Dread Pirate Roberts” -- was arrested at a library in San Francisco Tuesday by the FBI. He is accused of setting up a special network that would help drug dealers avoid detection by hiding IP addresses. Silk Road also used the internet currency known as “Bitcoins” to help facilitate the illegal deals, prosecutors said.


http://investigations.nbcnews.com/_news/...-hire-plot?lite
_________________________
Opinions can be considered as coming from anywhere but my employer.

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#1857788 - 10/02/13 02:47 PM Re: Bitcoin Impression? [Re: edAudit]
Retread Offline
Diamond Poster

Registered: 10/31/03
Posts: 2485
Loc: Southeast
Here is the complaint.

Silk Road Complaint
_________________________
Politicians are like diapers. They need to be changed often and for the same reason.

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#1860144 - 10/09/13 04:55 PM Re: Bitcoin Impression? [Re: InterestedParty]
BankingNut Offline
Member

Registered: 04/29/10
Posts: 89
One thing I have noticed from reading about Bitcoin transactions is that they are anonymous. I would be curious how these transactions would be legal.

I am not being an alarmist but I concerned that those who have come up with the concept do not realize that there are laws that regulate transactions. Without knowing how they work I am purely speculating, but it does not sound like those who have created the product are very knowledgeable about payment systems and their laws.

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#1860149 - 10/09/13 05:01 PM Re: Bitcoin Impression? [Re: InterestedParty]
BankingNut Offline
Member

Registered: 04/29/10
Posts: 89
http://bitcoinmagazine.com/category/bitcoin-newbies/

This is a good site to give everyone some background on what bitcoins are and how they work. These seem no different than credit cards with your bank. It seems as if you need to find it with real money from a bank account. Then it appears that bitcoiners try to mask the originator of transactions. Maybe I do not see the point. How do you use money where you do not want people to know who is buying it? I am guessing this is for online gambling. Heck if I know.

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