📝 FinCEN receives 1,500 crypto related reports each month

The Financial Crimes Enforcement Network (FinCEN), which is responsible for monitoring transactions for signs of money laundering, terrorist financing, and other financial crimes, revealed that the organization receives 1,500 crypto related reports each month. Banks and virtual currency exchanges are required to file suspicious activity reports (SARs) for certain transactions including those of high value. While a SAR itself does not necessarily indicate criminal activity these reports are used to obtain additional information for potential action by regulators.

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