Cryptocurrency Anti-Money Laundering Report, 2019 Q3

The Q3 2019 Cryptocurrency AML Report covers the latest developments and trends in global efforts to counter money laundering and terrorist financing. It also includes updates and year-to-date statistics on cryptocurrency related crime and fraud.

Highlights include:

  • Major research: Vast majority of popular exchanges have poor or porous KYC, and 33% of popular exchanges trade privacy coins.
  • VASPs and financial institutions urgently need to comply with the FATF and BSA funds Travel Rules.
  • SoCal man faces potential life in prison for operating bitcoin ATM without adequate AML/CTF/KYC and for money laundering.
  • While thefts and frauds fell in Q3, annual total so far in 2019 stands US$4.4 billion

“In fact, to date it (Funds Travel Rule) is the most commonly cited violation by the IRS against MSBs engaged in CVC money transmission”

-Kenneth Blanco, FinCEN Director

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