Crypto / Virtual Currency: Darknet Marketplaces
The use of crypto and/or virtual currency is often associated with criminal activity. While that is not true in all cases, institutions are tasked with implementing a BSA/AML/CFT program that can help weed out the good from the bad and mitigate the risk. Crypto/virtual currencies are still fairly new but are becoming more prevalent all the time which means financial institutions need to understand how they work and what to be on the lookout for. In this crypto/virtual currency world, you often hear of “darknet marketplaces”. Google says a darknet marketplace is an online platform on the dark web that functions like a traditional e-commerce site but facilitates the buying and selling of illicit goods and services anonymously. These markets use encryption and anonymity-enhancing software to protect the identities of both buyers and sellers and often use cryptocurrencies for payment.
Kevin explains more in the video.
Published
2025/12/15
Kevin Edwards
Kevin brings years of experience and a unique perspective on regulatory matters to our clients. A self-proclaimed geek and accredited CRCM, Kevin is also a recovering attorney with experience as in-house counsel for a large regional bank and one of the leading national title insurance providers. For reasons unknown, Kevin decided to leave the safety and serenity of his desk job to seek fortune and glory as a wandering adventurer. Like a bank compliance version of Kwai Chang Caine, The Man with No Name or Don Quixote, he now travels the land seeking to help those in need and righting compliance wrongs, wherever he may find them. Kevin lives in Sioux Falls with his two children, who are surprisingly normal after having endured their father’s vivid imagination for their entire lives. He won’t admit to having any hobbies, because apparently “Regulations never sleep.” (While he does say this in his Batman voice, we’re pretty sure he’s joking.) From the looks of his Facebook page, he likes the outdoors and spending time with his large extended family (who seem like relatively normal people).