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ARTICLE · 01 NOVEMBER 2020

"We Don't Bank Crypto" Isn't Enough: Banks Need A Strategy For Cryptocurrency

Frost Brown Todd
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At a recent industry conference, Financial Crimes Enforcement Network (FinCEN) director Kenneth Blanco made it clear that FinCEN continues to focus on virtual currency. FinCEN ...

United StatesTechnology
Courtney Rogers
Courtney Rogers
Nancy Eff Presnell
Nancy Eff Presnell

At a recent industry conference, Financial Crimes Enforcement Network (FinCEN) director Kenneth Blanco made it clear that FinCEN continues to focus on virtual currency. FinCEN is focusing on how to mitigate risks associated with emerging payment systems, including those that utilize cryptocurrency. Blanco emphasized that "these risks are not unique to money services businesses or virtual currency exchangers; banks must be thinking about their crypto exposure as well. These are areas your examiners, and FinCEN, will ask you about when assessing the effectiveness of your AML program."

What is your bank's exposure to cryptocurrency?

  • Are cold wallets stored in your safe deposit boxes?

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