The UK’s Financial Conduct Authority (FCA) issued a letter on Monday to bank CEOs over the potential risks that they face when dealing with cryptocurrencies.

A Letter from the FCA

Criminal activities are synonymous with cryptocurrency use and the letter is said to suggest “good practice” that banks can follow to be vigilant against these activities.

According to the FCA, the letter details how firms should handle financial crime that may occur as a result of “cryptoassets,” which the FCA defines as cryptocurrencies or any type of “publicly available elecTron (available on Binance)ic medium of exchange that features a distributed ledger and a decentralized system for exchanging value.”

The letter warns that although cryptocurrency-related investments can be used for “non-criminal motives,” they can be “abused because it offers potential anonymity and the ability to move money between countries.”