Face Verification
Address Verification
Document Verification
Age Verification
Video KYC
Fast ID
eIDV
NFC Verification
Consent Verification
Business Verification
Due Diligence
Investor Verification
E-Signature
Behavioural Biometrics
Device Fingerprinting
MFA
AML Screening
Business AML Screening
User Risk Assessment
Transaction Screening
Adverse Media Screening
Identity Verification
KYC
KYB
KYI
Bonus Abuse
Fraud Prevention
Banking
Crypto
Fintech
Forex
Gaming
Gig Economy
Marketplace
Social Networks
Product Managers
Compliance Officers
Fraud Analyst
Global Trust Platform
Journey Builder
Content library
Blogs
News
Reports
Insights
Knowledgebase
ROI calculator
Blind Spot Audit
Deepfake Detection
Liveness Spoofs
Document Originality
Document Deepfake
Events & Webinar
Podcast Studio
Spotlight Studio
API Documentation
Mobile SDKs
Service Status
Help Center
Contact Us
Technical Support
Compliance
Supported Document
About
Career
Press Release
Certifications
Partnership
Awards
Cryptocurrencies marked as top AML and CFT Priority by FinCEN
FinCEN will soon be publishing regulations on how financial institutions can incorporate cryptocurrency controls in their AML programs.
The Financial Crimes Enforcement Network (FinCEN) has stated that it will continue to prioritize monitoring of the cryptocurrency industry to combat crimes such as money laundering.
In an official announcement on Thursday, FinCEN stated that “virtual currency considerations” and transactions that involve cryptocurrencies such as Bitcoin (BTC) will be a national priority for countering terrorism financing and ensuring adequate anti-money laundering policies.
FinCEN has turned its attention to crypto https://t.co/QSDcKgvWdg
— FinCrime World Forum (@FinCrimeWF) July 1, 2021
The regulatory body stated that these priorities will assist financial institutions in making sufficient efforts for combating crime under related laws. FinCEN elaborated that new regulations will also be issued soon regarding how financial institutions can incorporate these priorities into their AML programs.
The authority further added that not every priority will be applicable to every institution, but every institution should incorporate these priorities, where due, in their risk-based AML program.
FinCEN referred to cryptocurrencies as “convertible virtual currencies (CVCs)”, and pointed out that such assets facilitate a high amount of illicit activity. CVC uses by criminals were also listed down, where the FinCEN argued that it is a “preferred form of payment” for purchasing illegal goods like ransomware tools or even advancing activities like “nuclear weapons ambitions.”
FinCEN gave the example of North Korean-linked cyber actors that likely stole “millions of dollars worth of CVCs since 2019 via cyber operations, laundered stolen CVC through other CVC service providers and wallets, and used the proceeds to help fund weapons of mass destruction and ballistic missile programs”.
Suggested Read: Dirty Funds & Tax Evasion – Can the Crypto Sector Be Safeguarded?
