In response, financial institutions need to undertake a thorough risk assessment of their risk exposure. They may have to adjust their approach to financial crime risk management, even if they do not trade crypto-assets or crypto-currencies themselves.
Advocates of crypto-assets/currencies continue to praise them, while others are more measured in their commentary. Given the early adoption phase of crypto-assets/currencies in the economy, it is increasingly evident that they bring increased financial crime risks and financial institutions must act promptly to avoid regulatory censure or potential enforcement action.