As virtual assets increasingly become part of the global financial system, financial institutions and other stakeholders — including technology firms, corporations, and virtual asset service providers — must ensure the development of enhanced due diligence capabilities to identify risk and meet compliance obligations.

In 2021, OFAC and other regulatory agencies of the U.S. government took significant action by providing guidance related to cryptocurrencies, imposing sanctions against exchanges and wallets, and using enforcement authorities to target the deficiencies of some virtual asset service providers.

Led by Kharon and Mayer Brown professionals with frontline OFAC, Treasury, and DOJ experience, this session provides an overview of virtual asset regulatory and compliance developments and uses real-world case studies to highlight challenges and best practices in identifying risk. Members of the panel also provide their expectations for 2022 and beyond.