Cryptocurrency firms have reported and hindered several schemes to launder millions of dollars in recent years but must better familiarize themselves with complex layering strategies and dozens of warning signs of illicit finance, according to the Financial Action Task Force. A 24-page compendium of red flags and case studies published Monday by the intergovernmental group gives a snapshot of the risks now associated with cryptocurrency by drawing on more than 100 examples of recent prosecutions and suspicious activity reports, or SARs, that exchanges have filed since 2017. FATF found that in terms of illicit funds, drug profits are the most...
The Financial Action Task Force published a report providing guidance on virtual assets red flags indicators of money laundering and terrorist financing.
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