How to trust from an AML perspective: Banks and cryptocurrency

Anna Simonova

From the north ¹ to the south of Europe, ² traditional banks have hesitated to embrace cryptocurrency. This sentiment is also expressed in the EBA's latest report on de-risking where surveyed fintech firms handling virtual currencies have complained about banks? excessive demands for documentation, unreasonable terms, extraordinary fees and outright refusal to provide even basic accounts for salary payments and other ongoing expenses. ³ It is still an exception rather than a rule that banks enter into business relationships with cryptoasset issuers and service providers.