FinCEN Highlights Banking Risks Tied to Virtual Currency Kiosks
The Treasury Department’s Financial Crimes Enforcement Network is asking banks and other financial institutions to be aware of cybercriminals, drug-trafficking groups and others using convertible virtual currency kiosks for illegal activity. They use the kiosks -- which act as ATM-like…
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devices that allow customers to exchange real currency for virtual currency -- to send payments under “false pretenses,” launder drug money and execute other activities that may violate FinCEN’s rules to counter money laundering and financing of terrorism. The agency's alert includes a list of red flags that banks should monitor and asks financial institutions to submit suspicious activity reports to FinCEN with the key term “FIN-2025-CVCKIOSK” if they suspect a transaction may be tied to illegal use of the kiosks.