NEWS on Payments

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FinCEN warns of cryptocurrency risk

Oct 01, 2020

Banks should expect examiners and the Financial Crimes Enforcement Network to ask about risk exposure related to virtual currencies, FinCEN Director Kenneth Blanco said this week.

Fraudsters use cyber platforms such as the dark web, social media, and email to recruit money mules, obtain fraudulent beneficiary information, and share government program information.

Risks associated with emerging payment systems are not unique to money services businesses or virtual currency exchangers and are increasingly important in assessing AML programs, Blanco said.