FinCEN Scam Alerts Push Banks to Rethink AML Monitoring

Kelly A. Lenahan-Pfahlert and Matthew T. Smith, both members of Ballard Spahr's White Collar Defense and Investigations, wrote for Law360 about FinCEN recently releasing two companion publications on digital asset investment scams that will mark a change in the anti-money laundering regime.

FinCEN will now expect banks, money services businesses, and virtual asset service providers to detect fraud in which the customer moving the money is the victim, not the offender. This will affect how institutions monitor customers, when they file suspicious activity reports, and how they investigate digital asset flow.

Read the full article here.