LINKEDIN IS ALSO CONCERNED

about scams

INTERESTING INITIATIVE

1)    The factors bad actors value when choosing a financial product align with those offered by #cryptocurrency.
2)    Cryptocurrency Suspicious Activity Reports (#SARs).
3)    Victim Complaints- FBI #IC3 Advisories & #CFPB complaints.
4)    Blockchain Analytics, while helpful in certain situations, cannot and does not provide the complete picture of the use of cryptocurrency in illicit finance. At best, it just identifies the tip of the iceberg.

I took the opportunity to draw attention to the horrific crime of #pigbutchering, debunk the myth that “all cryptocurrency transactions are recorded on the blockchain,” and point out that the partial recovery of the Colonial Pipeline ransom was the exception, not the rule.

Dismissing cryptocurrency as a useful tool for illicit finance just because some transactions are recorded on a blockchain is misguided. And is wholly inconsistent with cryptocurrency Suspicious Activity Reports, FBI advisories, and victim complaints.

I suggested that the SAR form be updated to include specific categories for cryptocurrency and cryptocurrency firms so that better data on #cryptocrimecan be collected.

Read my full written testimony here: https://lnkd.in/eEVfsGj7

Watch the full hearing: https://lnkd.in/eehPwub7

#cryptocrime #AML #suspiciousactivityreports