Introduction
Philip Vasquez, Head of Compliance & co-founder at Digital Asset Management Ltd (DAM) delivered a presentation at the Gibraltar Association of Compliance Officers (GACO) event on “Blockchain and Financial Crime, Prevention, Risks and Opportunities” on the 17 October 2018. The presentation, delivered in collaboration with TSN Law and another Gibraltar law firm, established the clear risks and opportunities of financial crime compliance for the competent audience of over 100 compliance professionals.
Financial Crime Compliance: A Bitter Sweet Opportunity
Philip dubbed financial crime compliance as a “bitter sweet opportunity” for compliance officers and professionals at this stage in the development of Distributed Ledger Technologies (DLT) and virtual currencies. In this message, he was referring to the opportunity that compliance professionals have at this time to create industry standards and thought-leading knowledge, particularly in light of the lack of financial crime regulation in other jurisdictions and the lack of guidance. Philip”s presentation covered key areas including identifying industry verticals coming into contact with financial crime risks relating to virtual currencies; the legal requirements and obligations of these entities; tools and ways that entities may comply with such requirements; other key risks outside of financial crime such as counterparty risk; the future of financial crime and the future of guidance and regulations.
Philip’s Experience and Knowledge
Philip”s presentation and content was drawn from his experience as head of compliance with Digital Asset Management, where his role and responsibilities include creating adequate processes and controls to ensure the Company complies with its anti-money laundering obligations in assisting Clients exchange cryptocurrencies and securely store their digital assets. Philip”s knowledge also drew from and his experience advising Clients as a lawyer on financial crime related enquiries relating to virtual currencies and participation in token generating events (ICOs).
Should you or your business need further assistance with exchanging or storing digital assets in a compliant and secure manner, speak to our team today.
