In an effort to combat money laundering associated with synthetic opioids, Canada appears to be increasing its monitoring of cryptocurrency transactions.
The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) recently issued an alert highlighting the use of digital assets to conceal funds linked to fentanyl and opioid trafficking.
This update to a 2018 report includes new risk indicators identified through in-depth analysis of financial data, transaction patterns, and input from law enforcement.
These measures have been implemented due to the growing use of cryptocurrencies in laundering profits from illegal drug sales.
Additionally, FINTRAC has outlined several warning signs for identifying suspicious activity in the crypto industry, such as large conversions from crypto to fiat involving new accounts, the use of multiple virtual wallets to obscure the source of transactions, and deposits into exchanges from high-risk regions or accounts previously flagged for suspicious activity.
