Three US federal financial agencies (FDIC, OCC, Federal Reserve) have jointly outlined key risks for banks offering crypto safekeeping services. The guidance emphasizes potential liability for lost crypto assets, the need to understand this evolving asset class, and compliance with AML/BSA regulations. While not introducing new expectations, the document highlights the significant resources required, the importance of robust audit programs, and a bank’s responsibility for third-party sub-custodians. This comes as the regulatory environment for banks engaging with crypto appears to be easing.
US Agencies Detail Crypto Custody Risks for Banks
