Banks failing to identify up to 90% of suspicious crypto transactions
Cointelegraph
Published Sep 09, 2020 10:17PM ET
Updated Sep 10, 2020 12:00AM ET
Financial institutions worldwide have reported 134,500 suspicious transactions concerning virtual currencies in the past two years — but that’s just the tip of the iceberg according to a report published by blockchain forensics firm CipherTrace.
The report says the Financial Crimes Enforcement Network (FinCEN) has seen a major increase in suspicious transaction reports from institutions since publishing its May 2019 Advisory on Illicit Activity Involving Convertible Virtual Currency (CVC).
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Written By: Cointelegraph
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