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Bank Secrecy Act, Anti-Money Laundering Law Compliance, and Blockchain Technology

By:
 Dylan M. Aluise under the supervision of Howell Jackson   Published: August 2017
Product number:
CSP023
Length:
35 pages
English:
PDF
Product Type:
Workshop-Based Case Study

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Abstract

The Bank Secrecy Act, Anti-Money Laundering Law Compliance, and Blockchain Technology case study (“Blockchain”), asks students to play the role of a Junior Lawyer in FinCEN (the Financial Crimes Enforcement Network), a bureau of the U.S. Department of the Treasury that safeguards against money laundering and other financial crimes.  The case study asks students to assess and recommend whether FinCEN should take a position favoring the use of blockchain technology (an online, distributed ledger system) to help banks comply with costly and time-consuming anti-money laundering (AML) laws.

The case study provides background on the Bank Secrecy Act, AML laws, and the possible benefits and risks of employing blockchain technology for AML compliance.  

Blockchain is used in a course on Financial Regulation and is helpful as a practical, hands-on component to a financial regulations or administrative law course

Learning Objectives

  1. Understand the regulatory structures in place to monitor and enforce financial crimes.
  2. Assess blockchain technologies and the viability of using these products in an AML compliance system.
  3. Be able to clearly articulate the arguments for and against using blockchain for AML compliance.
  4. Practice presentation and legal writing skills.

Subjects Covered

Financial Regulation, Government, Financial Technology, Finance and Banking, Financial Crimes

Setting

Geographic: United States

Industry: Government Agency, Financial Services

Event Year Begin: November 2016

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