March 27, 2020

Banks Are Most Likely Exposed to Crypto-Assets Unknowingly

By Yaya J. Fanusie

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.

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