FinCEN Advisory on Convertible Virtual Currency Summary
This tool summarizes FinCEN's advisory regarding convertible virtual currencies. The following are key takeaways from the advisory:
- Virtual currencies are becoming increasingly popular among those engaging in illicit activities.
- There are several types of virtual currency activities that can indicate criminal activity as well as red flag indicators that can help aid banks in their BSA obligations.
- The advisory contains instructions as to which information should be included in an SAR as well as possible OFAC considerations that may arise out of virtual currency transactions.
Members Can Download This Tool
Login to Download
Not Yet a Member?
Our members enjoy:
On-demand regulatory guidance hotline – by chat, phone and email – available from anywhere, on any device – 7 am - 6 pm, M-F, Central time
Research time saved daily & weekly across forms, checklists, and trainings — for every regulation
Hours of form-building and branding of bank documents saved; in some cases, even the budget of additional staff
A sounding board for support and reassessment when institutional goals or the regulatory environment changes
Access to attorneys and compliance specialists for risk modelling and decision-making in advance of large business decisions
The knowledge that C/A was created and owned by 30 State Bankers Association to provide bank compliance services to their membership organizations
Find out how a personalized team of attorneys and compliance professionals helps build targeted compliance strategies throughout your institution when you take our Live Membership Demo.