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Home Newsbytes

FinCEN reports rise in virtual currency use for human trafficking

February 13, 2024
Reading Time: 1 min read
ABA, BPI urge cross-regulator ‘no-action’ letters for AML/BSA innovations

The Financial Crimes Enforcement Network today issued an analysis finding an increase in Bank Secrecy Act reports about the use of convertible virtual currency, or CVC, for online child sexual exploitation and human trafficking. The number of BSA reports involving CVC increased from 336 in 2020 to 1,975 in 2021, with bitcoin as the primary CVC used, although FinCEN noted that does not necessarily mean that other types of CVC are not used in the crimes. The analysis also identified four typologies that describe common trends within BSA reports related to child exploitation and human trafficking.

Tags: Digital assetsHuman trafficking
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