Wolters Kluwer Regulatory Expert Offers Bitcoin Banking Insights at 2022 Western Bankers Annual Conference

Rhea-AI Summary

The upcoming workshop titled 'Banks Plus Bitcoin' presented by Wolters Kluwer Compliance Solutions will discuss essential regulatory considerations for banks adopting Bitcoin and other digital assets. Scheduled for April 26 at the Grand Hyatt Kauai Resort & Spa, this session aims to address key regulatory risks as U.S. financial institutions explore digital asset offerings. Experts, including Thomas Grundy, will emphasize compliance risks such as consumer protection and anti-money laundering regulations.

Positive

• Workshop addresses timely regulatory considerations for banks adopting Bitcoin.
• Presentation highlights the evolving landscape of cryptocurrency regulations.
• Wolters Kluwer's established expertise in regulatory compliance reinforces the relevance of the event.

Negative

• U.S. financial institutions face compliance risks tied to Bitcoin offerings, which could deter adoption.

Banks Plus Bitcoin presentation highlights regulatory considerations for Bitcoin, other digital asset offerings

MINNEAPOLIS--(BUSINESS WIRE)-- 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.

Wolters Kluwer Compliance Solutions is a market leader and trusted provider of risk management and regulatory compliance solutions and services to U.S. insurers, banks and credit unions, and securities firms. The business, which sits within Wolters Kluwer’s Governance, Risk & Compliance (GRC) division, helps these financial institutions efficiently manage risk and regulatory compliance obligations, and gain the insights needed to focus on better serving their customers and growing their business.

Wolters Kluwer’s GRC division provides an array of expert solutions to help financial institutions manage regulatory and risk obligations. Wolters Kluwer Compliance Solutions’ eOriginal^® suite of purpose-built, digital lending solutions, for example, helps lenders digitize their transactions and features electronic signatures, collateral authentication and an electronic vault. Compliance Solutions’ OneSumX^® for Regulatory Change Management tracks regulatory changes and organizes them to create structured, value-added content through a single data feed that is paired with an easy-to-use software solution. Wolters Kluwer Finance, Risk & Regulatory Reporting (FRR), meanwhile, is a global market leader in the provision of integrated regulatory compliance and reporting solutions. The division’s legal solutions businesses are Wolters Kluwer CT Corporation and Wolters Kluwer ELM Solutions.

About Wolters Kluwer Governance, Risk & Compliance

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. GRC offers a portfolio of technology-enabled expert services and solutions focused on legal entity compliance, legal operations management, banking product compliance, and banking regulatory compliance.

Wolters Kluwer (WKL) is a global leader in professional information, software solutions, and services for the healthcare; tax and accounting; governance, risk and compliance; and legal and regulatory sectors. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with specialized technology and services. Wolters Kluwer reported 2021 annual revenues of €4.6 billion. The group serves customers in over 180 countries, maintains operations in over 40 countries, and employs approximately 19,800 people worldwide. The company is headquartered in Alphen aan den Rijn, the Netherlands.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220419005241/en/

Media Contacts for Wolters Kluwer GRC

(Including Wolters Kluwer Compliance Solutions; Wolters Kluwer Finance, Risk & Regulatory Reporting; Wolters Kluwer ELM Solutions, and Wolters Kluwer CT Corporation)

Paul Lyon

Global Corporate Communications Director

Governance, Risk & Compliance Division

Wolters Kluwer

Office +44 20 3197 6586

Paul.Lyon@wolterskluwer.com

David Feider

Corporate Communications Manager, Banking & Regulatory Compliance

Governance, Risk & Compliance Division

Wolters Kluwer

Tel: +1 612-852-7966

David.Feider@wolterskluwer.com

Source: Wolters Kluwer

FAQ

What is the focus of the Banks Plus Bitcoin workshop?

The workshop focuses on essential regulatory considerations for banks looking to adopt Bitcoin and digital assets.

When is the Banks Plus Bitcoin workshop scheduled?

The workshop is scheduled for April 26 from 10-11 a.m. HST.

Who is presenting the Banks Plus Bitcoin workshop?

The workshop will be presented by Thomas Grundy, Senior Director at Wolters Kluwer Compliance Solutions.

Where will the Banks Plus Bitcoin workshop take place?

The workshop will take place at the Grand Hyatt Kauai Resort & Spa, Kauai, Hawaii.

What regulatory risks do financial institutions face when adopting Bitcoin?

Financial institutions must address compliance risks related to consumer protection, investor protection, and anti-money laundering laws.