March 27, 2020
Banks Are Most Likely Exposed to Crypto-Assets Unknowingly
U.S. financial regulators are watching closely to see how financial institutions’ exposure to the crypto-asset industry is affecting their bank anti-money laundering compliance. As the broader public becomes more interested in crypto-assets, some bank customers are seeking ways to fund crypto trading. In this environment, banks need to assess how such activity may touch their current operations and be prepared to mitigate illicit finance risks emanating from these new assets.
Recently, the U.S. Office of the Comptroller of the Currency (OCC) issued a cease and desist order to New York-based Safra Bank. The OCC cited that the bank gave accounts to money service businesses (MSBs) that facilitated crypto-asset trading, but did not address the increased Bank Secrecy Act and Anti-Money Laundering (BSA/AML) risks associated with these accounts.
Read the full article in Global Digital Finance.
More from CNAS
-
The Cost of Economic War
Podcast
Sanctions, not bombs, have been the weapon chosen to take on the Putin regime. BBC speaks with macroeconomist Rachel Ziemba about the effectiveness of modern economic statecra...
By Rachel Ziemba
-
Containing Crisis
Reports
As the United States and China seek to manage an increasingly tense relationship, both sides have turned to coercive economic statecraft as a core part of their broader foreig...
By Emily Kilcrease, Emily Jin & Rachel Ziemba
-
Why Biden Should Extend Vaccine Diplomacy to Sanctioned States Like Venezuela, Iran, and North Korea
Commentary
Extending vaccine diplomacy to heavily sanctioned countries will allow Washington to both hedge against growing Chinese-Russian influence abroad and help alleviate global huma...
By Jason Bartlett
-
Analyzing Biden's New Approach to Sanctions
Podcast
Sanctions are becoming an increasingly important part of the Biden administration's foreign policy toolkit. Carnegie Council Senior Fellows Nick Gvosdev and Tatiana Serafin di...
By Rachel Ziemba
