Wolters Kluwer regulatory expert offers bitcoin banking insights at 2022 Western Bankers annual conference

Wolters Kluwer Compliance Solutions regulatory compliance expert Thomas Grundy, Senior Director, CMS and Regulatory Consulting for Wolters Kluwer U.S. Advisory Services, will present a workshop discussion, “Banks Plus Bitcoin: A Look at Essential Regulatory Considerations in Adopting Cryptocurrency Capabilities” to explore the rapidly growing adoption of bitcoin and the digital revolution transforming financial services. The session is part of the Western Bankers’ 2022 Annual Conference for Bank Presidents, CEO’s and Directors, April 22-26 at the Grand Hyatt Kauai Resort & Spa, on the island of Kauai, Hawaii. Grundy’s presentation takes place 10-11 a.m. HST Tuesday, April 26.

The session will focus on some of the basic considerations for banks looking to or starting to provide Bitcoin or other digital asset offerings to their customers, particularly around key regulatory issues and concerns for banks looking to incorporate Bitcoin offerings into their portfolio.

In recent months, federal regulators have sent clear signals that U.S. financial institutions must identify and control for inherent risks related to the facilitation or participation in Bitcoin or other cryptocurrency related activities. Federal regulators have indicated that financial institutions conducting such activities must address a number of risks including compliance risks relating to consumer financial protection, investor protection, and anti-money laundering/terrorism finance laws.

“Regulatory oversight of cryptocurrency transactions is still in the early stages, but it is evolving quickly,” said Steve Meirink, Executive Vice President and General Manager for Wolters Kluwer Compliance Solutions. “Recent regulator calls for innovation in this space are encouraging, as is the growing recognition that such activities should be grounded in the principles of safety, soundness and transparency in ways that will benefit all participants. This workshop promises to be a fascinating session for institutions considering their options for Bitcoin-related transactions.”

Wolters Kluwer is an endorsed partner of Western Bankers, a program the identifies the vendor with the highest quality products and services in a service category. Partners are selected based on their ability to meet WB’s high expectations for product and service quality.

Governance, Risk & Compliance is a division of Wolters Kluwer, which provides legal and banking professionals with solutions to help ensure compliance with ever-changing regulatory and legal obligations, manage risk, increase efficiency, and produce better business outcomes.