Date : 6/3/2019 11:41:37 AM
From : "IMMR"
To : "JoanneO@justice.gov.il"
Subject : FinCEN Issues CVC Guidance and Advisory- May 2019





-------- Forwarded Message --------
Subject: FinCEN Issues CVC Guidance and Advisory- May 2019
Date: Thu, 30 May 2019 09:41:45 -0400
From: Heather Moye <heather.moye@egmont.org>
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Dear Colleagues:

 

On May 9, 2019, the Financial Crimes Enforcement Network (FinCEN) issued convertible virtual currency (CVC) Guidance to clarify the applicability of our AML/CFT regulatory framework and obligations to specific CVC business models, especially where they fall regarding treatment as money transmitters.  Additionally, FinCEN published an advisory to assist financial institutions in identifying and reporting suspicious activity concerning how criminals and other bad actors exploit convertible virtual currencies (CVCs) for money laundering, sanctions evasion, and other illicit financing purposes, particularly involving darknet marketplaces, peer-to-peer (P2P) exchangers, foreign-located Money Service Businesses (MSBs), and CVC kiosks. Virtual currencies, particularly CVCs, are increasingly used as alternatives to traditional payment and money transmission systems. This advisory highlights prominent typologies and red flags associated with such activity and identifies information that would be most valuable to law enforcement, regulators, and other national security agencies in the filing of suspicious activity reports (SARs).

 

Should you have any additional questions or comments, please do not hesitate to contact me.

 

Thank you and best regards,

Heather

 

Ms. Heather Moye | Senior Regional Specialist- Asia/Pacific / Office of Global Outreach / Liaison Division/ FinCEN Egmont IEWG Vice Chair / Financial Crimes Enforcement Network – U.S. Treasury Department | P.O. Box 39, Vienna, Virginia 22183, USA (Direct: 1-703-905-3648 | Cell: 1-571-217-7393 | * heather.moye@fincen.gov  | * heather.moye@egmont.org (ESW) Website: http://www.fincen.gov