Regulatory Alerts2019-05-09
Advisory on Illicit Activity Involving Convertible Virtual Currency
The Financial Crimes Enforcement Network issues this advisory to assist financial institutions in identifying and reporting suspicious activity involving convertible virtual currencies used for money laundering, sanctions evasion, and other illicit financing. The document highlights prominent typologies and red flags associated with abuse by darknet marketplaces, peer-to-peer exchangers, foreign-located money service businesses, and virtual currency kiosks. It emphasizes that entities facilitating these transactions must comply with Bank Secrecy Act requirements and urges the filing of Suspicious Activity Reports containing specific transaction and wallet data to support law enforcement investigations.
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