Third-party providers must follow proper controls to protect customer assets. Banks remain responsible for the oversight of all outsourced services.
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OCC Confirms US Banks Can Offer Crypto Custody Services to Customers
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OCC requires that any third-party providers working with banks must implement and uphold robust security protocols to protect customer assets and ensure the integrity of the services offered
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OCC maintains that banks cannot abdicate responsibility when outsourcing crypto services and must conduct thorough due diligence, enforce risk management frameworks, and monitor compliance standards across all third-party engagements
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