FinCEN Urges Institutions to Monitor Suspicious Activity at Crypto Kiosks
The U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) has issued a notice for financial institutions to monitor suspicious activities related to crypto kiosks.
Key points include:
- Convertible virtual currency (CVC) kiosks allow easy access and transactions in cryptocurrencies.
- FinCEN warns these kiosks are exploited by criminals for fraud, cybercrime, and drug trafficking.
- Scams linked to these machines include fake tech support and impersonation of bank representatives, targeting older adults.
- FinCEN Director Andrea Gacki emphasized the ongoing efforts by criminals to exploit innovative technologies.
- The notice highlights risks due to non-compliance with the Bank Secrecy Act by some institutions.
- FinCEN has been tracking illicit crypto uses, noting Bitcoin's connection to human trafficking and other illegal activities.