Chances are you have customers involved with crypto and/or virtual currency. Whether they are just dabbling in it out of curiosity or more heavily invested, there are risks you need to account for within your BSA/AML program. While not all activity is suspicious, understanding that there is a high correlation between use of crypto/virtual currency and money laundering and/or terrorist financing is essential. Crypto/virtual currency has been linked to crimes like human trafficking, child exploitation, fraud, drug trafficking, cybercrime and more as it is attractive to criminals because of the anonymity and speed with which transactions can be conducted. You have to first understand the potential risks before you can mitigate them so a good first step is to incorporate crypto/virtual currency into your BSA/AML risk assessment.
Kevin explains more in the video.
Published
2025/01/29