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Everything Financial Institutions Need to Know About Cryptocurrency

Definitions, Obligations and Compliance Best Practices


All Banks “Do Crypto”

As crypto becomes more mainstream, ignoring it is not just impossible but potentially costly — both because of the risk of fines and penalties for banks that have illicit transactions happening on their payment rails, and because of the failure to provide banking services to lucrative crypto accounts.

It’s a double-edged sword: regulators are pressuring banks to identify cases of money laundering and sanctions evasion tied to cryptocurrency, and customers are eager to be able to invest in crypto through the financial institutions they already know and trust.

This white paper gives an overview of cryptocurrency typologies and the relationship between fiat and crypto, pinpointing common intersections. Readers can learn:

  • What exactly are cryptocurrencies
  • Where the intersections between the traditional and crypto economies lie
  • What role banks play in the conversion of fiat and cryptocurrencies
  • How undetected crypto transactions can implicate banks in sanctions violations and funding of terrorists
  • What opportunities cryptocurrencies present to banks
  • What is required to provide crypto-related services, including custody
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