FinCEN Issues Notice on Risks Linked to CVC Kiosks and Scam Payments

➡️The notice warns financial institutions to be vigilant of the use of CVC kiosks for scam payments and illicit financing activities;

➡️Key illicit activities involving CVC kiosks include fraud, some types of cybercrime, and drug trafficking organisation activity; and

➡️The notice outlines key red flag indicators of illicit activity involving kiosks, such as repeated payments just below the suspicious activity report or currency transaction report thresholds.

✅ Firms operating in the US should review the notice and ensure their transaction monitoring systems and controls reflect the risks posed by CVC kiosks outlined in the report.