FinCEN Advisory on Convertible Virtual Currency Summary

Updated 06/23/2021

This tool summarizes FinCEN’s advisory regarding convertible virtual currencies. The following are key takeaways from the advisory:

  1. Virtual currencies are becoming increasingly popular among those engaging in illicit activities.
  2. 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.
  3. 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.

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