AML/CFT Advanced Level Training Module: virtual Currencies, Bitcoin
As part of the training, you will learn more about cryptocurrencies, blockchain technology and various cryptocurrency wallets. The course discusses various risks associated with cryptocurrencies, including the legalization of illegally obtained funds.
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Course target
To increase the qualifications of employees of banks and other financial institutions, providing an opportunity to learn more about cryptocurrencies, blockchain technology and various cryptocurrency wallets.
Audience
- Employees of banks and other financial institutions whose direct job duties include recognition and analysis of unusual and suspicious transactions;
- Other employees of the mentioned institutions, who are indirectly related to these issues in the performance of their duties.
At Course Completion you will be able to
- Recognize cryptocurrencies and their types;
- Identify the risks associated with cryptocurrencies;
- Be aware of the situation in the use of virtual money in other countries.
Prerequisites
Attended AML and CFT basic level training course or acquired knowledge and skills in the scope of these studies.
Training materials
Electronic materials about the information provided in the course.
Certification Exam
Not intended. At the end of the training, a test is taken on what has been learned within the course and a BDA Certificate of completion of the course is issued.
Course outline
Money and types of it
- What is money;
- Paper money;
- FIAT money;
- Transition to digital money;
- Centralized money.
What is Bitcoin
- Why Bitcoin is so important;
- Bitcoin vs. Bank.
Basics of blockchain technology
- Application of blockchain technology;
- What is cryptocurrency mining;
- Briefly about the excavation process;
- Excavation complexity level;
- Is Bitcoin mining profitable;
- How much does it cost to mine one Bitcoin;
- Are blockchains expensive and inefficient;
- Major Blockchain Consensus Algorithms.
Crypto wallets
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What is a Bitcoin wallet;
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What is the best Bitcoin wallet to use;
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Private and public key.
Cryptocurrency theft
- The lock is unbackable and unforgeable;
- Is Bitcoin theft possible;
- The most notable Bitcoin thefts in history.
Myths and truths about blockchains and Bitcoin
- Zero Knowledge Proofs;
- The Halloween Dilemma – An Example of Zero Knowledge;
- Education to work with blockages;
- Bitcoin transaction process;
- Are blockchains better than traditional databases;
- Is blockchain really necessary;
- Why are there so many different cryptocurrencies;
- Large organizations do not use blockchains.
An insight into questions about the history, nature and properties of money;
The requirements of FATF 40 recommendations on new technologies and these requirements in the Law on the Prevention of Money Laundering and Terrorist Financing;
The blockchain principle created by Satoshi Nakamoto and its main differences from the classical solution of the situation in the bank;
What is digital, virtual currency, cryptocurrency and Bitcoin;
Cryptocurrency Scheme and Cryptocurrency wallet;
Types of cryptocurrency wallets;
Buying, exchanging, using Bitcoin as the most popular currency of its kind;
Risks related to money laundering;
Analysis of the situation from the point of view of vulnerability;
Situations in different countries and the search for solutions;
Financing Terrorism Using Bitcoin.
If you want to get more information about this course, please contact us by phone +371 67505091 or send an e-mail at mrn@bda.lv.
