FinCEN Updates: FinCEN Issues Notice on the Use of Convertible Virtual Currency Kiosks for Scam Payments and Other Illicit Activity

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FinCEN Issues Notice on the Use of Convertible Virtual Currency Kiosks for Scam Payments and Other Illicit Activity

Today, the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) issued a Notice urging financial institutions to be vigilant in identifying and reporting suspicious activity involving convertible virtual currency (CVC) kiosks. The Notice provides an overview of typologies associated with illicit activity involving CVC kiosks, highlights red flag indicators, and reminds financial institutions of their reporting requirements under the Bank Secrecy Act.

News Release: https://www.fincen.gov/news/news-releases/fincen-issues-notice-use-convertible-virtual-currency-kiosks-scam-payments-and

Notice: https://www.fincen.gov/sites/default/files/shared/FinCEN-Notice-CVCKIOSK.pdf

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