AML Chief: Crypto Companies Filed 7,100 Suspicious Activity Reports

America’s Anti Money Laundering (AML) chief stated that the crypto companies filed up to 7,100 suspicious activity reports since May. In our cryptocurrency news today, we get more answers about the activity reports.

According to Kenneth Blanco, the AML chief, and director of the Financial Crimes Enforcement Network, the reports explain how the banking security ACT which is the cornerstone of the US AML law, applies to virtual currencies. Since then, Blanco said that more than 11,000 crypto-related SARs have been filled with the FinCen and about 2,100 have been referenced directly to the guidance of dozens of new entities filed in the reports.

The high numbers show that the virtual asset service providers such as the crypto ATMs and exchanges are keeping a close eye on the potential illicit activities that could move across their network:

 “It is encouraging that CVC entities, dozens of whom had never filed a SAR report prior to the May advisory, are using the red flags and reporting suspicious activity back to us.’’

Venezuela is one particular case where it seems that a hotbed of suspicious activity is forming according to Blanco. The Latin American country has its own oil-backed token- The  Petro, and it seems that it has spawned an increasing number of the unregistered money services businesses. The country is having a lot of issues with the high inflation and Petro was the tool that was supposed to help the country.

Domestically, the crypto-related companies reported more darknet-linked customer transactions and scams along with a lot of activities that targeted the elderly who have limited knowledge about cryptocurrency and therefore are opened to risks.
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Blanco explained that all of the financial institutions have to re-consider the crypto SAR reporting especially those who currently don’t report any activities. He said:

 “If the answer is no, they need to reevaluate whether their institutions are exposed to cryptocurrency.’’

The remarks came as the crypto exchange and analysts firms both boost their efforts to expand suspicious activity reporting. As it was reported by Forbes, there was a noticeable existence of the confidential indicators of suspicion for Virtual asset service providers and also a playbook for easily picking out the suspicious activity assembled by the stakeholders themselves.