VC3 - Summer 2013



NMTA_Logo_Transparent.gif







The First Virtual Currencies Compliance Conference
 

At the New York City Bar
 
Hosted by the National Money Transmitters Association

August 14, 2013


VC³
Speakers & Presentation

Connie Fenchel has graciously agreed to serve as Program Manager for VC3 (2013). Ms. Fenchel has a broad range of law enforcement, regulatory and management expertise in the areas of regulatory compliance, financial crimes and customs violations comprised of over 30 years of government and private sector experience. She is president of AML Experts, Inc., an independent consulting firm specializing in anti-money laundering, the Bank Secrecy Act and customs matters.                           
 
James H. Freis joined Cleary Gottlieb in their Washington Office in 2013 after serving ten years in the U.S. Treasury and at the Federal Reserve Bank of New York. Jim was Director of FinCEN from 2007 to 2012. There he led the development and enforcement of AML regulations and other financial crimes applicable to a broad range of financial institutions: banks, securities, insurance and money services businesses. He also led the expansion of these regulations to mortgage markets and emerging payment technologies.
Review of AML Regulatory Efforts - From banks to virtual currencies, 1970 – 2013
  
Judith Rinearson is a partner at Bryan Cave LLP. Ms. Rinearson is a recognized authority in the areas of payment systems, electronic payments, stored value, travelers checks and check processing. She has more than 20 years experience in the financial services industry, particularly in the areas of non-bank money services and payment products. Prior to her tenure with another New York law firm, Ms. Rinearson was group counsel for the American Express Global Travelers Cheque and Prepaid Service Group for more than 10 years.
Coming Into Compliance: The AML Regulation of Virtual Currencies
  
Marco Santori is a commercial litigator and business attorney at Nesenoff & Miltenberg LLP in New York City. His business practice focuses on early-stage companies in the high-technology sector, including web, e-commerce and the burgeoning digital currency spaces. He advises his clients on regulatory matters, including the compliance with and avoidance of money services and securities regulations. Marco is one of the few lawyers in the world with a substantial digital currency practice. He represents entrepreneurs in all three major segments of the Bitcoin space: payments, mining and securities and is Chairman of the Bitcoin Foundation’s Regulatory Affairs Committee.
            
 
    
Samuel Rosenthal is chair of Patton Boggs' Government Investigations and Litigation practice group and works out of both the New York and Washington offices. Mr. Rosenthal has more than 30 years of experience in federal litigation and white-collar defense and appellate matters. Before entering private practice, Mr. Rosenthal was employed with the DOJ in Washington, where he served as the chief of the Appellate Section, Criminal Division.
Virtual Currencies & Online Payment Systems
  
Jean-Jacques ("J") Cabou is a litigator and a partner at Perkins Coie, in the firm’s Investigations & White Collar Defense practice. At both the trial and appellate level, J’s principal focus is on defending individuals and corporate entities against criminal and other government investigations, including in civil enforcement proceedings. J has particular experience in white collar matters and is a recognized authority on both state and federal civil forfeiture, seizure, and racketeering laws.
State Licensing and Banking: Considerations, Concerns, Options
  
Juan Llanos is co-founder, EVP and Compliance Officer of Unidos Financial Services, Inc., an innovative financial services and technology provider catering to merchants and under-banked end consumers in the US.  He is responsible for the formulation and execution of the company's technology strategy, as well as its AML and compliance risk management infrastructure.  Previously, he was Chief Compliance Officer of Remesas Quisqueyana, Inc.  He is a member of the Bitcoin Foundation's Regulatory Affairs Committee, and writes about risk and virtual currencies in his blog ContrarianCompliance.com
Designing a Compliance Program for Virtual Currencies
  
    
Robert Pargac is the Director of Global Investigations and Compliance at Navigant Consulting. He is a lawyer and an MBA. His prior experience includes posts at 247 Card, Sigue Corporation and Western Union. He has significant international financial institution experience, and specializes in AML/CTF, OFAC, FCPA and white-collar defense, among many other areas.  
David Landsman is an administrator who has worked his entire career in money transfer and specializes in BSA/AML compliance and state licensing. Executive Director of the National Money Transmitters Association since 2004, he has made strides in organizing the industry, promoting the image of licensed money transmitters and defending the industry’s right to maintain bank accounts.               
 
    
    









Conference Agenda


                                        
8:00 AM – 9:00 AMRegistration / Continental Breakfast
9:00 AM – 9:15 AMIntroductory Remarks
           
David Landsman, Connie Fenchel
9:15 AM – 9:45 AMReview of AML Regulatory Efforts
From banks to virtual currencies, 1970 – 2013
            James H. Freis
9:45 AM – 10:30 AMComing Into Compliance
Virtual Currencies and AML Regulation
            Judie Rinearson
10:30 AM – 11:00 AMMorning Coffee Break
11:00 AM – 11:45 AMFinCEN Virtual Currency Guidance
Its Impact on the Industry
            Marco Santori
11:45 AM – 12:30 PMRecent Enforcement Actions
Are Liberty Reserve & Mt. Gox Just the Beginning?
            Sam Rosenthal
12:30 PM – 1:30 PMLunch
1:30 PM – 2:15 PMState Licensing Issues
Obtaining Licenses and Alternative Options
            Jean-Jacques Cabou
2:15 PM – 3:15 PMDesigning a Compliance Program
Conducting a Risk Assessment, Developing Policies and Procedures for Virtual Currencies
            Juan Llanos, Robert Pargac
3:15 PM – 3:45 PMAfternoon Coffee Break
3:45 PM – 4:45 PMIndustry Representatives Discussion Panel
The Impact of Regulation on Virtual Currency Companies
            Megan Burton, CoinX
            Constance Choi, Payward, Inc.   
            Jonathan Owens, Tropos Funds
            Stan Stalnaker, Hub Culture
            Steve Sunderlin, QikCoin
4:45 PM – 5:15 PMNext Steps      
           
Connie Fenchel, David Landsman
5:15 PM – 7:15 PMNetworking Reception & Industry Discussion
(Hors d' oeuvres, cash bar)



The NMTA gratefully acknowledges the generosity of our speakers and panelists, who contributed their time, ideas and passion to make VC3 a great experience for everyone. We especially thank our Program Director, Ms. Connie Fenchel, for putting such a terrific program together in such a short time. Many thanks go to those great connectors of the Virtual Currency community who helped spread the word. Finally, the NMTA would like to thank our wonderful attendees for sharing their knowledge, energy and enthusiasm with us at VC3!


List of Participating Companies and Government Agencies

Adam Atlas Attorney at Law
Alpha Surety
Alvarez and Marsal
American University
AML Audit Services, LLC
AML Experts
Argosy Asset Management
Baker & McKenzie, LLP
BANCServices International LLC
BBA
Bessemer Venture Partners
BIFS
Bitbox
BitcoinNYC
BitInstant
Bitwal
Bryan Cave LLP
Capitol Indemnity
Cleary Gottlieb Steen & Hamilton LLP
Coincourse, Inc.
Coinpliance
Coinsetter, Inc.
CoinX, Inc
Conference of State Bank Supervisors
Duff & Phelps LLC
eCoin Cashier
Felix Zaremba & Co., Inc.
Hagerty Consulting
Hal Cash North America, Inc.
HSBC USA
Hub Culture
Kroll
Lewis Baach pllc
Liberty Mutual
Liberty SuretyFirst
Lightspeed Venture Partners
Machaen Surety
MASS Communications
Merle, Brown & Nakamura, P.C
MFSL
Mindweaver Laboratories LLC
MoneyLaundering.com
National Money Transmitters Association, Inc.
Navigant
Nesenoff & Miltenberg, LLP
NYS Department of Financial Services
Patton Boggs LLP
PaymentsSource
Payward Inc.
Peercoin, Inc.
Perkins Coie, LLP
Promontory Financial Group
PwC
QikCoin
SecondMarket, Inc.
Spice Pay LLC
Sterling Currency Group
Texas Department of Banking
Tradehill, Inc.
Tropos Funds
Unidos Financial Services, Inc.
Washington State Department of Financial Institutions
Xpress Money Services, Inc.