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.
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