FinCEN ADVISORY ON ILLICIT ACTIVITY INVOLVING CONVERTIBLE VIRTUAL CURRENCY (CVC) – TYPOLOGIES AND RED FLAGS

On 9th May, FinCEN issued an Advisory saying that criminals continue to exploit virtual currency to support illegal activity, money laundering, and other behaviour endangering US national security, including through entities facilitating its anonymous use.  The purpose of the Advisory is said to be to assist financial institutions in identifying and reporting suspicious activity concerning how criminals and other bad actors exploit convertible virtual currencies (CVC) for money laundering, sanctions evasion, and other illicit financing purposes, particularly involving darknet marketplaces, peer-to-peer (P2P) exchangers, foreign-located Money Service Businesses (MSB), and CVC kiosks.  It includes typical virtual currency abuse typologies, and “red flag” indicators.

https://www.fincen.gov/sites/default/files/advisory/2019-05-09/FinCEN%20Advisory%20CVC%20FINAL%20508_0.pdf

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s