Crypto and/or other virtual currencies are inherently higher risk because they provide anonymity, they aren’t heavily regulated, it’s a fast way to move funds, etc. Just by those three things alone, it’s easy to see why virtual currency would be attractive to just about any type of criminal enterprise regardless of the scale. In fact, virtual currency is commonly used in criminal activity such as human trafficking, child exploitation, fraud, money laundering, the drug trade, terrorist financing and much more.
Kevin explains more in the video.
Video Highlights:
- Virtual currency has been associated with numerous criminal activities which increases the potential risk for financial institutions.
- Virtual Asset Service Providers (VASPs) willfully evade the Bank Secrecy Act reporting requirements to facilitate illegal activities.
- Darknet marketplaces are encrypted websites used to buy goods and services, where transactions often must be conducted in virtual currency.
Published
2023/12/19
