The Financial Crimes Enforcement Network (FinCEN) recently revealed that it had experienced a significant spike in Suspicious Activity Reports (SARs) ever since it released an advisory and guidance to shed light on how to comply with regulations while keeping up with the pace in financial technology innovations in May. A Suspicious Activity Report (SAR), in its simplest definition, is a form of a red flag that financial institutions and businesses dealing with convertible virtual currency (CVC) raise whenever they come across a potential money-laundering activity or fraud. SARs help to improve the quality of cybercrimes tracking tools and keep a
