Banks failing to identify up to 90% of suspicious crypto transactions

[Lenipiw]

CipherTrace believes financial institutions are failing to identify up to 90% of suspicious transactions related to crypto assets. Financial institutions worldwide have reported 134,500 suspicious transactions concerning virtual currencies in the past two years — but that’s just the tip of the iceberg according to a report published by blockchain forensics firm CipherTrace.

The report says the Financial Crimes Enforcement Network (FinCEN) has seen a major increase in suspicious transaction reports from institutions since publishing its May 2019 Advisory on Illicit Activity Involving Convertible Virtual Currency (CVC).
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