AICPA Webcast Explores Money Laundering and Fraud in the World of Cryptocurrencies

CPAs with FBI Experience Detail Real-Life Fraud Scenarios

NEW YORK (July 13, 2018) – The American Institute of CPAs (AICPA) is hosting a webcast on virtual currencies and emerging fraud threats, such as money laundering. The live presentation will be broadcast from 1-2 p.m. Eastern time on July 17, 2018.

The webcast is timely, as money laundering involving cryptocurrencies is trending up dramatically. The amount stolen from digital currency exchanges in the first half of 2018 was nearly three times more than in all of last year according to a new report by CipherTrace, a blockchain security firm. The company estimates the losses – made up of digital funds which criminals will attempt to launder – could add up to $1.5 billion by the end of the year. Last month, the Secret Service announced that criminal investigations over the past three years resulted in more than $28 million in cryptocurrencies seized.

As explained by the FBI, “money laundering is the process by which criminals conceal or disguise their proceeds and make them appear to have come from legitimate sources. This allows criminals to hide and accumulate wealth, avoid prosecution, evade taxes, increase profits through reinvestment, and fund further criminal activity.”

Money laundering involving cryptocurrencies – a medium of exchange circulated over a computer network and generally not backed by a government – is a new twist on an old crime. This particular type of crime has broad implications for businesses, financial institutions and the accounting profession.

During this AICPA presentation, retired FBI Special Agent Randal A. Wolverton, CPA/CFF, and FBI Forensic Accountant Brian J. Koechner, CPA, will discuss the concepts and origins of virtual currencies, as well as their positive and negative uses. In addition, they will discuss Bitcoin and why it is the most popular of virtual currencies, how virtual currencies are currently used in fraud schemes, and an actual fraud-related case involving digital currencies.

Who: Retired FBI Special Agent Randal A. Wolverton, CPA/CFF, and FBI Forensic Accountant Brian J. Koechner, CPA.

What: The AICPA webcast, Money Laundering and Fraud in the World of Cryptocurrencies, will explore real-life examples of fraud cases involving virtual currencies. There will be a Q&A session at the end of the presentation.

When: 1-2 p.m. Eastern time on July 17, 2018

Media Representatives: Reporters may contact Brian Simpson at brian.simpson@aicpa-cima.com to request press access for webcast.

Others can sign up at the webcast’s registration page, which includes complete details about the event.