The Monetary Intelligence Unit (FIU) in Cyprus is anticipating an increase in Suspicious Transaction Studies (STRs) for cryptocurrencies following the island’s adopted rules for the digital asset trade. The Cyprus Securities and Alternate Fee (CySEC) launched the directives to control the actions of Crypto Asset Service Suppliers in 2021.
In line with the primary Strategic Evaluation Report for 2020 and 2023 printed by the Cypriot FIU, MOKAS, 27 circumstances of suspicious transactions with cryptocurrencies have been submitted in 2022, a lot greater than 20 and 19 within the earlier two consecutive years, respectively.
STRs reported to the FIU over time
The report highlighted the cash laundering and terrorist financing tendencies and patterns, which concerned cryptocurrencies, fraud, corruption, tax evasion, and human and narcotics trafficking.
“This report covers tendencies and customary practices recognized in STRs and SARs acquired from reporting entities throughout 2020-2022, Requests and Spontaneous Disclosures from international FIU’s in addition to Requests from Cyprus Police Authorities and from the Cyprus Customs and Excise Division,” the report acknowledged.
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Cryptocurrencies have remained a main focus of the report, highlighting that digital currencies are the first fee mode in darkish internet. Criminals are additional concealing the origin of cryptocurrencies utilizing mixers.
Fraud Is on the Rise
Moreover, the company witnessed an growing development in fraud from the suspicious studies submitted to it. In line with the numbers, 242 incidents have been reported in 2022, whereas the figures have been 259 and 334, respectively.
“Such improve may be defined partly as a result of growing situations of web fraud. Over the previous years, new applied sciences have made it simpler for scammers to function,” the report acknowledged. “Α important lower within the suspicious transaction studies submitted in relation to fraud was noticed throughout 2022. Nevertheless, in line with information so far for 2023, the variety of submitted studies is anticipated to rise, consistent with the upward development that was noticed throughout the years from 2018 to 2021.”
The Monetary Intelligence Unit (FIU) in Cyprus is anticipating an increase in Suspicious Transaction Studies (STRs) for cryptocurrencies following the island’s adopted rules for the digital asset trade. The Cyprus Securities and Alternate Fee (CySEC) launched the directives to control the actions of Crypto Asset Service Suppliers in 2021.
In line with the primary Strategic Evaluation Report for 2020 and 2023 printed by the Cypriot FIU, MOKAS, 27 circumstances of suspicious transactions with cryptocurrencies have been submitted in 2022, a lot greater than 20 and 19 within the earlier two consecutive years, respectively.
STRs reported to the FIU over time
The report highlighted the cash laundering and terrorist financing tendencies and patterns, which concerned cryptocurrencies, fraud, corruption, tax evasion, and human and narcotics trafficking.
“This report covers tendencies and customary practices recognized in STRs and SARs acquired from reporting entities throughout 2020-2022, Requests and Spontaneous Disclosures from international FIU’s in addition to Requests from Cyprus Police Authorities and from the Cyprus Customs and Excise Division,” the report acknowledged.
Maintain Studying
Cryptocurrencies have remained a main focus of the report, highlighting that digital currencies are the first fee mode in darkish internet. Criminals are additional concealing the origin of cryptocurrencies utilizing mixers.
Fraud Is on the Rise
Moreover, the company witnessed an growing development in fraud from the suspicious studies submitted to it. In line with the numbers, 242 incidents have been reported in 2022, whereas the figures have been 259 and 334, respectively.
“Such improve may be defined partly as a result of growing situations of web fraud. Over the previous years, new applied sciences have made it simpler for scammers to function,” the report acknowledged. “Α important lower within the suspicious transaction studies submitted in relation to fraud was noticed throughout 2022. Nevertheless, in line with information so far for 2023, the variety of submitted studies is anticipated to rise, consistent with the upward development that was noticed throughout the years from 2018 to 2021.”
