Financial Crime Risks in the Age of Digital Assets: What Compliance Professionals Should Be Thinking
In an NSCP Currents Live webinar, Bryan Jacobsen, Chief Compliance Officer, Crux Capital Securities; Robert Lavigne, Chief Compliance Officer, Hightower Holding; and Tammy Patel, Managing Director of Consulting, Solid Regulatory Risk Management Services, Inc., explored how financial crime risk is evolving alongside digital assets.
The discussion focused on practical considerations for compliance teams—from regulatory developments to due diligence, custody, and the changing nature of financial crime.
Key Takeaways:
Familiar Risks—Faster and More Complex
Digital assets haven’t created new categories of misconduct, but they have changed how risk moves. Fraud, money laundering, and sanctions evasion now occur faster, across borders, and often outside traditional controls.
Clarity Is Improving—Responsibility Is Not Changing
Recent SEC and CFTC guidance helps define digital asset categories, but firms remain responsible for understanding products, assessing risk, and meeting disclosure and supervision obligations.
Custody Is Not One-Size-Fits-All
Digital assets may be held across platforms, wallets, or non-traditional custodians. Firms must understand who controls access, how assets are safeguarded, and how these realities are disclosed to clients.
Financial Crime Is More Coordinated
Today’s fraud schemes often involve multiple actors across jurisdictions, making detection more difficult. Compliance teams must expand AML frameworks and rethink how they identify and respond to risk.
Training and Oversight Are Critical
As exposure increases, firms need clear guidance, ongoing training, and layered controls to ensure teams understand both the opportunities and risks associated with digital assets.
Final Takeaway
Digital assets are evolving quickly—but strong compliance fundamentals still apply. Firms that pair disciplined due diligence with updated risk frameworks will be better positioned to navigate this space.
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