Drug Trafficking Red Flags

In early 2024, FinCEN released a Financial Trend Analysis on the Use of Convertible Virtual Currency for Suspected Online Child Sexual Exploitation and Human Trafficking (Analysis). It looked at threat patterns and trend information from January 2020 to December 2021 and outlined some pretty heinous crimes and other illicit activities. It comes as no surprise that there is high correlation between virtual currency and online child sexual exploitation and/or human trafficking. Financial institutions are in a unique position to help combat these types of illicit activities and according to this Analysis it appears that more and more institutions are detecting this type of activity and filing necessary information with FinCEN to ultimately help law enforcement. When you consider the fact that there are many different types of illegal trafficking (drug, human, wildlife, arms, etc.) you have to be on your game.

BSA Resources!

Published
2024/07/19

 

 
Amy Kudlacek

Amy Kudlacek

Amy brings many years of banking and compliance experience to Banker’s Compliance Consulting. She has worked for both large and small financial institutions and spent time working in every area of a bank. She started out as a teller in college and eventually became a branch manager. Her love, however, was always compliance. Amy began her career with Banker’s Compliance Consulting in 2000. Her knowledge and experiences have allowed her to develop a well-rounded and practical approach to regulatory compliance. Amy is CRCM certified, has a Bachelors Degree in Business Administration and is a graduate of the ABA Compliance School. Amy & her husband have two children at home and stay busy following their activities. They spend a lot of time in the bleachers!

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