Standards Setter Publishes AML Red Flags For Virtual Assets

Law360, London (September 14, 2020, 7:24 PM BST) -- A global anti-money laundering body on Monday published indicators to help authorities identify if criminals are using virtual currencies for money laundering purposes and terrorism financing.

Virtual assets, which include digital currencies, are not widely used by the public but are becoming increasingly mainstream for criminal activity, the Financial Action Task Force said.

Red flags include multiple high-value transactions made in short succession, and that have no further transactions recorded for a long time thereafter, which is usual in ransomware-related cases.

Depositing funds from virtual asset sources that are known to hold stolen funds is another red flag.

"Virtual assets (VA)...

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