When it comes to crypto and/or virtual currency, there are pros and cons. One pro is that users can transact business in a very quick and low-cost manner. One con is that business can be transacted relatively anonymously. As with many things, with the good, comes some bad and financial institutions need to familiarize themselves with the potential risks as well as how to mitigate those risks. Back in March 2024, FinCEN issued a Financial Trend Analysis on the Use of Convertible Virtual Currency for Suspected Online Child Sexual Exploitation and Human Trafficking. This is obviously a “con” related to the use of crypto/virtual currency but it does provide some encouraging news that the number of Suspicious Activity Reports (SARs) related to this type of activity has increased substantially.
Kevin explains more in the video.
Published
2025/01/07