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InternationalRegulatory Update
Second Lat in American Bitcoin ConferenceR i o d e Ja n e i ro, D ec emb er 6 , 2 0 1 4
(The Year in Review)
by @ JuanLlanos
“transmission of money or value”
“cash / monetary equivalent”
“value that substitutes for currency”
Bitcoin Regulated Before Born
© 2014 JuanLlanos
MUST
WANT
CAN
WANT – MUST = CAN© 2014 JuanLlanos
Risk Areas
• operational
• credit
• money laundering
• terrorist financing
• information loss
• liquidity
• fraud
• Identity Theft
Stakeholders
• federal agencies
• state agencies
• investors
• consumers
• employees
• society
Goals
• safety
• soundness
• security
• privacy
• crime prevention
• health
• integrity
Regulation Inevitable, yet valid
R i s k s & Stakeholders
© 2014 JuanLlanos
Reasons for FS Regulation
© 2014 JuanLlanos
CONSUMER PROTECTION
CRIME
TAXES
FS Regulatory Risk Areas
© 2014 JuanLlanos
Anti-Money Laundering (AML)
Countering the Financing of Terrorism (CFT)
Privacy and Information Security (InfoSec)
Safety and soundness (S&S)
Consumer protection (CP)
© 2014 Juan Llanos
© 2014 Juan Llanos
2005-01-20 FAT F S p e c i a l R e c o m m e n d a t i o n 7 o n W i r e Tr a n s f e r s
Regulatory / Law Enforcement MilestonesBefore 2013
© 2014 Juan Llanos
Special Recommendation VI
Each country should take measures to ensure that persons or legal entities, including agents, that provide a service for the transmission of money or value, including transmission through an informal money or value transfer system or network, should be licensed or registered and subject to all the FATF Recommendations that apply to banks and non-bank financial institutions. Each country should ensure that persons or legal entities that carry out this service illegally are subject to administrative, civil or criminal sanctions
Financial Action Task ForceGroupe d’Action Financière Internationale
(FATF-GAFI)
© 2014 Juan Llanos
2005-01-20 FAT F S p e c i a l R e c o m m e n d a t i o n 7 o n W i r e Tr a n s f e r s
2006-10-13 FAT F R e p o r t o n N e w P a y m e n t M e t h o d s
Regulatory / Law Enforcement MilestonesBefore 2013
© 2014 Juan Llanos
Anonymity = Anathema
• Anonymous identification• No value limits• Anonymous funding• No transaction records• Wide geographical use• No usage limits
Cash features
© 2014 Juan Llanos
F A T F R e p o r t o n N e w P a y m e n t M e t h o d s ( 2 0 0 6 )
2005-01-20 FAT F S p e c i a l R e c o m m e n d a t i o n 7 o n W i r e Tr a n s f e r s2006-10-13 FAT F R e p o r t o n N e w P a y m e n t M e t h o d s 2007-04-24 E - G o l d f e d e r a l i n d i c t m e n t
Regulatory / Law Enforcement MilestonesBefore 2013
© 2014 Juan Llanos
E-Gold
© 2014 Juan Llanos
• ISSUER OF DIGITAL CURRENCY• a medium of exchange offered over the Internet
• Global acceptance without the need for conversion between national currencies
• USED FOR ONLINE COMMERCE AND FOR FUNDS TRANSFERS BETWEEN INDIVIDUALS
• FOUR PRIMARY STEPS1. Opening a digital currency account
2. Converting national currency into “e-gold” to fund the account
3. Using “e-gold” to buy a good or service or transfer funds to another person
4. Exchanging “e-gold” back into national currency
• PARTIES NEEDED:• Digital currency exchanges
• Merchants or individuals that accepted “e-gold”
• ABILITY TO OPERATE ACCOUNTS ANONYMOUSLY
• Highly-favored method of payment by operators of “get-rich-quick” scams
• ALL TRANSFERS OF “E-GOLD” WERE IRREVOCABLE AND IRREVERSIBLE
© 2014 Juan Llanos
E-Gold2008-07 Guilty Plea
• Conspiracy To Launder Monetary Instruments (federal)• Conspiracy To Commit The Offense Against The United States (federal)• Operating Of Unlicensed Money Transmitting Business (federal)• Transmitting Money Without A License (District of Columbia)
“ T h e r o o t c a u s e s o f E - G o l d ’s fa i l u r e we r e d e s i g n f l a w s i n t h e a c c o u nt c r e a t i o n a n d p r o v i s i o n i n g l o g i c
t h a t l e d to t h e u n fo r t u n a te c o n s e q u e n c e o f v u l n e ra b i l i t y to c r i m i n a l a b u s e .
“ We a c k n o w l e d g e t h a t E - G o l d i s i n d e e d a f i n a n c i a l i n s t i t u t i o n o r a g e n c y a s d e f i n e d i n U S l a w a n d s h o u l d
b e r e g u l a te d a s a f i n a n c i a l i n s t i t u t i o n .”
Douglas Jackson, E-Gold Founder
2005-01-20 FAT F S p e c i a l R e c o m m e n d a t i o n 7 o n W i r e Tr a n s f e r s2006-10-13 FAT F R e p o r t o n N e w P a y m e n t M e t h o d s 2007-04-24 E - G o l d f e d e r a l i n d i c t m e n t2011-09-19 F i n C E N e x p a n d s M S B d e f i n i t i o n t o i n c l u d e f o r e i g n
Regulatory / Law Enforcement MilestonesBefore 2013
© 2014 Juan Llanos
Foreign-Located MSBs(September 19, 2011)
Foreign-located MSBs are financial institutions under the
BSA (Bank Secrecy Act). With respect to their activities in the United States, foreign-located MSBs must
comply with recordkeeping, reporting, and anti-money laundering (AML) program requirements under the BSA. They must also register with FinCEN.”
Foreign-located MSBs are subject to the same civil and criminal penalties for violations of the BSA and its implementing regulations as MSBs with a physical presence in the United States.
© 2014 Juan Llanos
2005-01-20 FAT F S p e c i a l R e c o m m e n d a t i o n 7 o n W i r e Tr a n s f e r s2006-10-13 FAT F R e p o r t o n N e w P a y m e n t M e t h o d s 2007-04-24 E - G o l d f e d e r a l i n d i c t m e n t2011-09-19 F i n C E N e x p a n d s M S B d e f i n i t i o n t o i n c l u d e f o r e i g n2012-04-24 F B I R e p o r t o n B i t c o i n V i r t u a l C u r r e n c y F e a t u r e s2012-09-16 B i t c o i n R o m n e y b l a c k m a i l e r2012-10-01 E u r o p e a n C e n t r a l B a n k r e p o r t o n V C s c h e m e s
Regulatory / Law Enforcement MilestonesBefore 2013
© 2014 Juan Llanos
2013
© 2014 Juan Llanos
2013-03-18 F i n C E N G u i d a n c e o n V i r t u a l C u r r e n c y
Regulatory / Law Enforcement Milestones2013
© 2014 Juan Llanos
FinCEN Guidance FIN-2013-G001
© 2014 Juan Llanos
• “An administrator or exchanger that (1) accepts and transmits a convertible virtual currency or (2) buys or sells convertible virtual currency for any reason is a money transmitter under FinCEN’s regulations […]”
• “Under FinCEN’s regulations, sending “value that substitutes for currency” to another person or to another location constitutes money transmission, unless a limitation to or exemption from the definition applies. This circumstance constitutes transmission to another location, namely from the user’s account at one location (e.g., a user’s real currency account at a bank) to the user’s convertible virtual currency account with the administrator.”
• “[…] a person that creates units of convertible virtual currency and sells those units to another person for real currency or its equivalent is engaged in transmission to another location and is a money transmitter.
O b l i gat i o n s
• Effective AML Program (much more than just registering)
• Potentially licensing in multiple states and other overseas jurisdictions
• Potentially federal consumer protection
• Privacy, confidentiality and information security
© 2014 Juan Llanos
© 2014 Juan Llanos
Who is a money transmitter in the USA?IS IS NOT
…whoever as a business:
• Exchanges virtual currency for government currency, and one virtual currencies for another (e.g., exchanges)
• Mines and makes a payment to a third party on behalf of a customer (e.g., for-profit miners)
• Accepts value from A and delivers it to B (e.g., some wallets)
• Accepts value from A and delivers it to A at a different time or place (e.g., vaults)
…whoever
• Mines, uses or invests virtual currency for own benefit
• Provides network accessservices to money transmitters
• Acts as a payment processor by agreement with a seller or creditor
• Acts as intermediary between BSA-regulated institutions
B i tc o i n A M L C h a l l e n ge s
“Know Your Counterparty”No effective way to know the identity of their customers’
counterparties for digital currency to digital currency transactions. This
hinders ability to:
- Conduct fully-effective sanctions screening- Implement transaction monitoring rules based on counterparties (e.g., by
country risk of counterparties)
- Comply with the Travel Rule
AML Transaction Monitoring- Not (yet) integrated well into a digital currency environment (e.g.
blockchain)
- Blockchain analysis highly manual/unscalable
- Significant resource constraints
© 2014 Juan Llanos
(Adam Shapiro)
2013-03-18 F i n C E N G u i d a n c e o n V i r t u a l C u r r e n c y2013-10-13 C F T C v o w s t o c o n s i d e r B i t c o i n r e g u l a t i o n 2013-05-13 D H S f r e e z e s D w o l l a a c c o u n t s2013-05-28 L i b e r t y R e s e r v e i s i n d i c t e d f o r $ l a u n d e r i n g
Regulatory / Law Enforcement Milestones2013
© 2014 Juan Llanos
© 2014 Juan Llanos
Liberty Reserve• alternative digital payment network• “Closed loop” centralized virtual currency
(LR dollars)• shut down and its management indicted and
arrested in May 2013.• “the largest money laundering case in U.S.
history”• a convenient tool for foreign currency brokers,
as it allowed them to bypass local legislation and avoid exchange rate fluctuations
• “a shadowy netherworld of cyber-finance”• its realm of anonymity made it a popular hub
for fraudsters, hackers and traffickers
© 2014 Juan Llanos
Liberty Reserve Indictment[x] ANONYMITY product has to dissuade the bad element, never attract it.
• “deliberately attracting, and maintaining a customer base of criminals by making financial activity on LR anonymous and untraceable.”
• “designed so that criminals could effect financial transactions under multiple layers of anonymity and thereby avoid apprehension by law enforcement.”
[y] COMPLIANCE product and operations cannot be in violation of any applicable laws and regulations (the “form” or “paper” side of compliance).
• “was not registered as a money transmitting business with FinCEN”• “operated an unlicensed money transmitting business.”
[z] SUBSTANCE what is written in a policy must actually be implemented. Businesses must be run with integrity, responsibility and control.
• “intentionally creating, structuring, and operating LR as a criminal business venture, one designed to help criminals conduct illegal transactions and launder the proceeds of their crimes.”
• “lying to anti-money laundering authorities in Costa Rica, pretending to shut down LR after learning the company was being investigated by US law enforcement (only to continue operating the business through a set of shell companies)”
• “created a system to feign compliance with anti-money laundering procedures, […] including a ‘fake’ portal that was manipulated to hide data that LR did not want regulators to see.”
2013-03-18 F i n C E N G u i d a n c e o n V i r t u a l C u r r e n c y2013-10-13 C F T C v o w s t o c o n s i d e r B i t c o i n r e g u l a t i o n 2013-05-13 D H S f r e e z e s D w o l l a a c c o u n t s2013-05-28 L i b e r t y R e s e r v e i s i n d i c t e d f o r $ l a u n d e r i n g2013-06-22 FAT F R e p o r t o n N e w P a y m e n t M e t h o d s
Regulatory / Law Enforcement Milestones2013
© 2014 Juan Llanos
FATF New Payment Methods Risks
F A T F R e p o r t o n N e w P a y m e n t M e t h o d s ( 2013)
© 2014 Juan Llanos
2013-03-18 F i n C E N G u i d a n c e o n V i r t u a l C u r r e n c y2013-10-13 C F T C v o w s t o c o n s i d e r B i t c o i n r e g u l a t i o n 2013-05-13 D H S f r e e z e s D w o l l a a c c o u n t s2013-05-28 L i b e r t y R e s e r v e i s i n d i c t e d f o r $ l a u n d e r i n g2013-06-22 FAT F R e p o r t o n N e w P a y m e n t M e t h o d s 2013-06-23 B i t c o i n F o u n d a t i o n r e c e i v e s C & D l e t t e r f r o m C A2013-07-22 S E C c h a r g e s Te x a s m a n f o r B T C P o n z i s c h e m e2013-08-12 N Y s u b p o e n a s B i t c o i n f i r m s2013-10-01 L a w s k y : “ S o B e I t ” i f t r a n s p a r e n c y d o o m s B i t c o i n2013-10-26 F B I S i l k R o a d B i t c o i n b u s t2013-12-12 F i n C E N s h u t s d o w n C a s a s c i u s o p e r a t i o n
Regulatory / Law Enforcement Milestones2013
© 2014 Juan Llanos
2014
© 2014 Juan Llanos
2014-01-27 C h a r l i e S h r e m a r r e s t e d , i n d i c t e d 3 m o n t h s l a t e r2014-01-27 ‘ B i t l i c e n s e ’ h e a r i n g s a r e h e l d i n N e w Yo r k2014-01-31 F i n C E N d e c l a r e s m i n e r s & i n v e s t o r s n o t M Ts2014-02-07 F l o r i d a t a r g e t s ‘ l o c a l b i t c o i n e x c h a n g e r s ’2014-02-07 M t G o x h a l t s w i t h d r a w a l s 2014-02-24 M t G o x s h u t s d o w n , f i l e s f o r b a n k r u p t c y 4 d l a t e r2014-02-26 S e n a t o r M a n c h i n ( R - W V ) c a l l s f o r B i t c o i n b a n
Regulatory / Law Enforcement Milestones2014
© 2014 Juan Llanos
Consumer “Advisories”
Lebanon, Germany, Hong Kong, Belgium, Indonesia, UK, Russia, Estonia,
US-WI, Greece, Israel, Brazil , Phil ippines, US-TX, Germany, US-CA, US-
NV, Canada, US-ID, US-SEC, US-IN, US-NM, Europe-CB, Argentina, US-ME,
Netherlands, Russia, US-MI, France, Japan, Australia, UK, Cerbia, Portugal,
Norway, France, Canada, Ireland© 2014 Juan Llanos
2014-01-27 C h a r l i e S h r e m a r r e s t e d , i n d i c t e d 3 m l a t e r2014-01-27 ‘ B i l i c e n s e ’ h e a r i n g s a r e h e l d i n N e w Yo r k2014-01-31 F i n C E N d e c l a r e s m i n e r s & i n v e s t o r s n o t M Ts2014-02-07 F l o r i d a t a r g e t s ‘ l o c a l b i t c o i n e x c h a n g e r s ’2014-02-07 M t G o x h a l t s w i t h d r a w a l s 2014-02-24 M t G o x s h u t s d o w n , f i l e s f o r b a n k r u p t c y 4 d l a t e r2014-02-26 S e n a t o r M a n c h i n ( R - W V ) c a l l s f o r B i t c o i n b a n2014-03-25 I R S s a y s B i t c o i n a n d V C t o b e t a x e d a s p r o p e r t y2014-04-08 U S A t t o r n e y G e n e r a l ke e p i n g e y e o n b i t c o i n2014-04-29 F i n C E N d e c l a r e s c l o u d m i n i n g & e s c r o w n o t M Ts2014-05-05 U S g o v e r n m e n t t o s t u d y B i t c o i n ’s t e r r o r i s t t h r e a t2014-06-06 E u r o p e a n C e n t r a l B a n k c a l l s f o r i n s t i t u t i o n a l c t r l s2014-06-30 F i n C E N e x a m i n e s r i s k s o f d i g i t a l c u r r e n c i e s
Regulatory / Law Enforcement Milestones2014
© 2014 Juan Llanos
FATF-GAFI Report on New Payment Methods (2014-06-30)
© 2014 Juan Llanos
FATF Virtual Currencies AML Risks
F A T F R e p o r t o n V i r t u a l C u r r e n c i e s ( 2014- 0 6 - 3 0 )
Convertible virtual currencies
• are potentially vulnerable to money laundering and terrorist financing abuse
• may allow greater anonymity than traditional non-cash
payment methods
Virtual currency systems
• can be traded on the Internet (global reach)
• generally characterized by non-face-to-face customer relationships
• may permit anonymous funding
• may permit anonymous transfers
• may operate in jurisdictions with inadequate controls
Decentralized systems
• are vulnerable to anonymity risks. E.g., Bitcoin…• addresses have no names or other customer identification attached
• has no central server or service provider
• does not require or provide identification and verification of participants
• does not generate historical records of transactions associated with real world identity
• has no central oversight body
• no AML software is currently available to monitor and identify suspicious
transaction patterns
• law enforcement cannot target one central location or entity for investigative
or asset forfeiture purposes
© 2014 Juan Llanos
2014-01-27 C h a r l i e S h r e m a r r e s t e d , i n d i c t e d 3 m l a t e r2014-01-27 ‘ B i l i c e n s e ’ h e a r i n g s a r e h e l d i n N e w Yo r k2014-01-31 F i n C E N d e c l a r e s m i n e r s & i n v e s t o r s n o t M Ts2014-02-07 F l o r i d a t a r g e t s ‘ l o c a l b i t c o i n e x c h a n g e r s ’2014-02-07 M t G o x h a l t s w i t h d r a w a l s 2014-02-24 M t G o x s h u t s d o w n , f i l e s f o r b a n k r u p t c y 4 d l a t e r2014-02-26 S e n a t o r M a n c h i n ( R - W V ) c a l l s f o r B i t c o i n b a n2014-03-25 I R S s a y s B i t c o i n a n d V C t o b e t a x e d a s p r o p e r t y2014-04-08 U S A t t o r n e y G e n e r a l ke e p i n g e y e o n b i t c o i n2014-04-29 F i n C E N d e c l a r e s c l o u d m i n i n g & e s c r o w n o t M Ts2014-05-05 U S g o v e r n m e n t t o s t u d y B i t c o i n ’s t e r r o r i s t t h r e a t2014-06-06 E u r o p e a n C e n t r a l B a n k c a l l s f o r i n s t i t u t i o n a l c t r l s2014-06-30 F i n C E N e x a m i n e s r i s k s o f d i g i t a l c u r r e n c i e s2014-07-14 N Y S i s s u e s ‘ B i t l i c e n s e ’ p r o p o s a l
Regulatory / Law Enforcement Milestones2014
© 2014 Juan Llanos
I. TAKING INTO ACCOUNT THE UNIQUE ATTRIBUTES OF VIRTUAL CURRENCIES
AND SOFTWARE-BASED INNOVATION1. Non-financial services
2. Mining and mining pools
3. Software wallet providers. To address the concerns raised in this section, we suggest editing section
200.2(n)(2) to read: (2) securing, storing, holding, or maintaining full custody or control of Virtual
Currency on behalf of others;
4. The exemption for consumer and merchant use of Virtual Currencies is too narrow. We recommend
modifying the definition of Virtual Currency Business Activity in section 200.2(n)(1) to read: receiving
Virtual Currency for transmission or transmitting the same on behalf of another;
5. Requirement to collect physical addresses of all parties is impractical and counterproductive
6. Requirement that changes to business must be approved by the superintendent is onerous
7. Not all transaction obfuscation should be prohibited
8. Framework should clarify that issuance of new decentralized cryptocurrencies is not covered. The
confusion can be clarified by adding the word “centralized” to the definition in section 200.2(n)(5) so
that it would read: (5) controlling, administering, or issuing a centralized Virtual Currency.
9. Exchanges between two crypto-currencies should be exempt
10. Creating an on-ramp for startups
II. BITLICENSE MUST BE NO MORE BURDENSOME THAN MONEY
TRANSMISSION LICENSING1. Businesses should only be required to acquire one license
2. Requirement to submit fingerprints of all employees is onerous
3. Capital requirements create an uneven playing field relative to money transmitters
4. Some requirements do not seem cabined to financial transactions
5. BitLicense anti-money laundering requirements reach much further than money transmitter license
6. Department should clarify chartered banks exemption
Jerry Brito’s Bitlicense Response
© 2014 Juan Llanos
2014-01-27 C h a r l i e S h r e m a r r e s t e d , i n d i c t e d 3 m l a t e r2014-01-27 ‘ B i l i c e n s e ’ h e a r i n g s a r e h e l d i n N e w Yo r k2014-01-31 F i n C E N d e c l a r e s m i n e r s & i n v e s t o r s n o t M Ts2014-02-07 F l o r i d a t a r g e t s ‘ l o c a l b i t c o i n e x c h a n g e r s ’2014-02-07 M t G o x h a l t s w i t h d r a w a l s 2014-02-24 M t G o x s h u t s d o w n , f i l e s f o r b a n k r u p t c y 4 d l a t e r2014-02-26 S e n a t o r M a n c h i n ( R - W V ) c a l l s f o r B i t c o i n b a n2014-03-25 I R S s a y s B i t c o i n a n d V C t o b e t a x e d a s p r o p e r t y2014-04-08 U S A t t o r n e y G e n e r a l ke e p i n g e y e o n b i t c o i n2014-04-29 F i n C E N d e c l a r e s c l o u d m i n i n g & e s c r o w n o t M Ts2014-05-05 U S g o v e r n m e n t t o s t u d y B i t c o i n ’s t e r r o r i s t t h r e a t2014-06-06 E u r o p e a n C e n t r a l B a n k c a l l s f o r i n s t i t u t i o n a l c t r l s2014-06-30 F i n C E N e x a m i n e s r i s k s o f d i g i t a l c u r r e n c i e s2014-07-14 N Y S i s s u e s ‘ B i t l i c e n s e ’ p r o p o s a l2014-07-17 E u r o p e a n B a n k i n g A u t h o r i t y e x a m i n e s B T C r i s k s
Regulatory / Law Enforcement Milestones2014
© 2014 Juan Llanos
2014 EBA Opinion
© 2014 Juan Llanos
2014-01-27 C h a r l i e S h r e m a r r e s t e d , i n d i c t e d 3 m l a t e r2014-01-27 ‘ B i l i c e n s e ’ h e a r i n g s a r e h e l d i n N e w Yo r k2014-01-31 F i n C E N d e c l a r e s m i n e r s & i n v e s t o r s n o t M Ts2014-02-07 F l o r i d a t a r g e t s ‘ l o c a l b i t c o i n e x c h a n g e r s ’2014-02-07 M t G o x h a l t s w i t h d r a w a l s 2014-02-24 M t G o x s h u t s d o w n , f i l e s f o r b a n k r u p t c y 4 d l a t e r2014-02-26 S e n a t o r M a n c h i n ( R - W V ) c a l l s f o r B i t c o i n b a n2014-04-08 U S A t t o r n e y G e n e r a l ke e p i n g e y e o n b i t c o i n2014-04-29 F i n C E N d e c l a r e s c l o u d m i n i n g & e s c r o w n o t M Ts2014-05-05 U S g o v e r n m e n t t o s t u d y B i t c o i n ’s t e r r o r i s t t h r e a t2014-06-06 E u r o p e a n C e n t r a l B a n k c a l l s f o r i n s t i t u t i o n a l c t r l s2014-06-30 F i n C E N e x a m i n e s r i s k s o f d i g i t a l c u r r e n c i e s2014-07-14 N Y S i s s u e s ‘ B i t l i c e n s e ’ p r o p o s a l2014-07-17 E u r o p e a n B a n k i n g A u t h o r i t y e x a m i n e s B T C r i s k s2014-09-23 U S g o v e r n m e n t s h u t s d o w n B u t t e r f y L a b s2014-10-27 F i n C E N r u l e s B p a y ’ m t p r o c e s s o r s & b r o k e r s a r e M Ts
Regulatory / Law Enforcement Milestones2014
© 2014 Juan Llanos
2014
“Forget the negative attacks on
governments or banks. It ’s a war
that cannot be won and making
such powerful enemies does
Bitcoin no favours. The tech
and the companies operating it
need to focus on making the
transition to bitcoin irresistible
and inevitable.”
D o m i n i c F r i s b y
© 2014 Juan Llanos
Risk Areas
• operational
• credit
• money laundering
• terrorist financing
• information loss
• liquidity
• fraud
• Identity Theft
Stakeholders
• federal agencies
• state agencies
• investors
• consumers
• employees
• society
Goals
• safety
• soundness
• security
• privacy
• crime prevention
• health
• integrity
Regulation Inevitable, yet valid
R i s k s & Stakeholders
© 2014 JuanLlanos
Compliance Onerous, yet valuable
• COMPETITIVE ADVANTAGE except ional compl iance at t racts favorable rev iews f rom regulators and bankers.
• REPUTATION high compl iance and in ternal contro ls s tandards ra ise the e l ig ib i l i ty of the company for par tnerships
• SHAREHOLDER VALUE a spot less compl iance record reduces the d iscount a potent ia l acqui ror is l ike ly to apply to the valuat ion
The Value of a Necessary Evil
© 2014 Juan Llanos
INNOVATEIMPLEMENTINFLUENCE
© 2014 Juan Llanos
© 2013 Juan Llanos
¡ O b r i ga d o !
Juan L lanosE V P, S t ra t e g i c Pa r t n e r s h i p s & C h i e f Tra n s p a r e n c y O f f i c e r
B i t re s e r v e , I n c .N e w Yo r k , N Y
M o b i l e : ( 9 1 7 ) 6 8 4 - 0 5 6 0E m a i l : j u a n b l l a n o s @ g m a i l . c o m
L inkedIn: www.l inkedin.com/in/Juan L lanosTwitter: @JuanLlanos
Blog: Contrar ianCompliance.com
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