- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Jeff Dale2024-02-14T21:32:00
Bank Secrecy Act (BSA) reporting data disclosed by the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) revealed a significant spike in the use of cryptocurrency to finance human trafficking.
FinCEN’s latest financial trend analysis, which pulled BSA reporting data from January 2020 to December 2021, highlighted the evolving tactics of cybercriminals to exploit cryptocurrencies, like bitcoin, to finance human trafficking and online child sexual exploitation (OCSE).
The analysis showed a notable uptick in BSA reports related to OCSE and human trafficking involving cryptocurrency. Throughout the review period, FinCEN received a total of 2,311 BSA reports referencing convertible virtual currency (CVC) in connection with these crimes, amounting to more than $412 million in reported suspicious activity.
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