- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2023-10-23T19:44:00
Uncertainty created by the Federal Deposit Insurance Corporation’s (FDIC) lack of clarity on risks posed by crypto assets has left member banks with the impression the agency wants banks to avoid them, according to a new report.
The report on “FDIC Strategies Related to Crypto Asset Risks” released by the agency’s Office of Inspector General (OIG) last week recommended the FDIC conduct a risk assessment of crypto assets and provide clear guidance to member banks about those risks.
The OIG determined the FDIC “started to develop and implement strategies that address the risks posed by crypto assets” but “has not yet completed a risk assessment to determine whether the agency can sufficiently address crypto asset-related risks through actions such as issuing guidance to supervised institutions.”
The FDIC’s feedback to supervised institutions up to this point has been unclear, the report said.
THIS IS MEMBERS-ONLY CONTENT. To continue reading, choose one of the options below.
News and analysis for the well-informed compliance or audit exec. Select an option and click continue.
Annual Membership $499 Value offer
Full price one year membership with auto-renewal.
Membership $599
One-year only, no auto-renewal.
The co-founder and former chief technology officer of crypto peer-to-peer network Paxful faces charges related to violating the anti-money laundering requirements of the Bank Secrecy Act.
Martin Gruenberg announced he will step down as chairman of the Federal Deposit Insurance Corporation following the release of an independent review that criticized the agency’s lack of response to employee claims of sexual harassment and discrimination.
A notice of proposed rulemaking to modify the Federal Deposit Insurance Corporation’s Change in Bank Control Act was withdrawn after receiving mixed reviews among the agency’s board of directors.
When the DOJ released its revised Evaluation of Corporate Compliance Programs, it turned some heads. Tucked into a section on risk assessments was a strongly worded series of questions that appeared to shoulder compliance teams with the responsibility for ensuring the safe use of AI tools by their firms.
The Department of Justice’s Evaluation of Corporate Compliance Programs has made the importance of artificial intelligence governance frameworks clear, but it didn’t say what role compliance should play. Here’s the answer.
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network issued an alert to financial institutions about their obligations to report deepfakes, warning artificial intelligence has given bad actors additional tools in their arsenal.
