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Virtual Assets [VA] Red Flags of Financial Crimes and Terrorist Financing

28/01/2023

Virtual assets use innovative technology to transfer value worldwide swiftly and have many potential benefits, including making payments faster and cheaper.

But the anonymity associated with them also attracts criminals, who have used virtual assets to launder proceeds from a range of offences, such as:-

  • The drugs trade, illegal arms smuggling, fraud, tax evasion,
  • Cyber-attacks, sanctions evasion, child exploitation and human trafficking.

In response, the FATF Report Virtual Assets - Red Flag Indicators

  1. Technological features that increase anonymity - such as the use of peer-to-peer exchanges websites, mixing or tumbling services or anonymity-enhanced cryptocurrencies
  2. Geographical risks - criminals can exploit countries with weak or absent national measures for virtual assets
  3. Transaction patterns - that are irregular, unusual or uncommon, which can suggest criminal activity
  4. Transaction size – if the amount and frequency have no logical business explanation
  5. Sender or recipient profiles - unusual behaviour can suggest criminal activity
  6. Source of funds or wealth - which can relate to criminal activity

These Virtual Assets - Red Flag Indicators

This report complements the RBA for Virtual Assets & Virtual Asset Service Providers

In brief

Virtual Assets Red Flag - Financial & Non-Financial Sectors =

Virtual Assets Red Flag - Virtual Asset Service Providers =

Virtual Assets Red Flag - Public Sector =

https://www.fatf-gafi.org/content/dam/fatf/documents/recommendations/Handout-Red-Flags-VA-Public-Sector.pdf

SOURCE

https://www.fatf-gafi.org/en/publications/Methodsandtrends/Virtual-assets-red-flag-indicators.html

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As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.  

news disclaimer -

As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.