FinCEN Sees Jump in Crypto-Related Suspicious Activity Reports
Crypto companies have filed 7,100 Suspicious Activity Reports (SAR) since May, America’s anti-money-laundering (AML) chief said at a banking conference Tuesday.
The reports, according to Kenneth Blanco, director of the Financial Crimes Enforcement Network (FinCEN), follow FinCEN’s May guidance explaining how the Banking Secrecy Act, the cornerstone of U.S. AML law, applies to the virtual currency space.
Since then, Blanco said that in total 11,000 crypto-related SARs have been filed with FinCEN. Twenty-one hundred filers directly referenced the guidance and “dozens” of new entities filed their first report.
The high numbers indicate that virtual asset service providers (VASP) like crypto ATMs and exchanges are keeping a closer eye on potentially illicit activity moving across their network.