FinCEN: BSA data shows spike in crypto-financed human trafficking
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.
THIS IS MEMBERS-ONLY CONTENT
You are not logged in and do not have access to members-only content.
If you are already a registered user or a member, SIGN IN now.
Related articles
-
News BriefFinCEN proposes additional risk assessments for AML/CFT programs
Financial institutions would be required to conduct more thorough risk assessments on their anti-money laundering/countering the financing of terrorism programs under a new rule proposed by the Treasury Department’s Financial Crimes Enforcement Network.
-
News BriefTreasury touts AI-enabled fraud recoveries totaling $375M
The Treasury Department announced its success using artificial intelligence to track down instances of check fraud—a potential preview of the results that might come if the agency applies AI in other enforcement-related circumstances.
-
PremiumFinCEN to propose applying BSA requirements to investment advisers
The Financial Crimes Enforcement Network will propose categorizing investment advisers as financial institutions that must comply with the Bank Secrecy Act, including having an anti-money laundering program.
More from Risk Management
-
News BriefInvestment scammers, other fraudsters scored billions from consumers in 2024, FTC reports
The public reported a 25 percent increase in losses–totaling more than $12.5 billion in 2024–to investment scams, tech rip-offs, and general fraud, according to an analysis by the Federal Trade Commission.
-
News BriefPortuguese bank ousts chief risk officer after ‘suspicious’ transactions uncovered
Portuguese bank Novo Banco, S.A., fired Chief Risk Officer Carlos Jorge Ferreira Brandão “with just cause” after an internal probe discovered “suspicious financial transactions” in his sphere.
-
News BriefTop 5 risks for 2025: U.S. uncertainty, global trade war, digital attacks
A prominent risk management firm has issued its predictions for the top five risks for business in 2025, along with guidance for how organizations should prepare and respond.