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.
Republic First Bank closed in Pennsylvania
State regulators closed Republic First Bank, doing business under the Republic Bank brand, in Philadelphia, and appointed the FDIC as...