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.
Published
2024/07/19