FinCEN Director Kenneth Blanco warns banks to consider their crypto-related risk exposure. 

• The Director of the Financial Crimes Enforcement Network (FinCEN) discussed FinCEN's work in the virtual currency industry during a virtual event on Sept. 29.
• Blanco mentioned that exchanges are not the only crypto companies with risk; banks must carefully weigh their crypto risks.
• Blanco said that banks need to establish baseline controls such as policies and procedures to verify customers' identities, perform anti-money laundering controls, and limit their exposure to peer-to-peer virtual currency transactions.