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We have the bitter sweet opportunity of servicing the industry at this point in time’ – Blockchain and Financial Crime

TSN Associate, Philip Vasquez, a principal member of the firm’s DLT and Fintech team since its inception in 2016 delivered a presentation at the Gibraltar Association of Compliance Officers (GACO) event on ‘Blockchain and Financial Crime Prevention Risks and Opportunities’. The presentation, delivered in collaboration with another local firm, established the clear risks and opportunities of financial crime compliance for the highly competent audience of over 100 compliance professionals.

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, referring to the limited guidance provided by regulators and governments on key risks and emerging industry standards which are continuously changing and at pace. 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. Download the presentation slides <<here>>.

Philip’s presentation and content was drawn from his experience advising clients on financial crime relating to virtual currencies and participation in token generating events (ICOs). Philip’s presentation and depth of knowledge also drew from his experience as a Director and MLRO of Digital Asset Management Limited, a Gibraltar based company who have received in-principle authorisation as a DLT Provider from the Gibraltar Financial Services Commission to provide digital asset exchange (into fiat and vice-versa), prudent management and cold custody solutions.

Should you or your business need further assistance and advice relating to financial crime compliance involving virtual currencies and DLT, regulatory authorisation or related advisory, speak to Philip or a member of our team today.

Contact our Fintech Team

Brendan Murphy

Brendan Murphy

Partner

Owen Smith

Owen Smith

Partner

Matthew Oldham

Matthew Oldham

Partner

James Jacobson

James Jacobson

Consultant

Philip Vasquez

Philip Vasquez

Associate