Does anyone have insight into a business account that also transacts crypto or virtual currency exchanges? So if a business account thats purpose is in real estate for example but also has used the account to transact crypto would that be a suspicious activity reporting? I cannot find anything that clearly explains what you would file for if necessary.

Any help would be appreciated.

When you say transact Crypto do you mean purchase currency? I don't know if anyone can answer that without more information about the transactions or your customer....amount, source of funds, was the purpose for the real estate business etc? Have they changed their business profile?

If your gut tells you something wrong there probably is.

Hi,

The source of funds would be from business proceeds but I do not know if the purpose of the purchase would be for the business if that makes sense? They have not changed their business profile.

My gut does tell me something is up but not sure what the filing would be? Using business funds to purchase crypto I guess.

You sure they are not facilitating the sale or purchase of real property using crypto? You stated "a business account thats purpose is in real estate ", but as Small Bank indicated, that really does not tell us anything.

The quickest solution in all cases like this is to pick up the phone, call the customer and ask them what they are doing.

Ownership of cryptoassets by itself isn't illegal or evil. Some people invest in them because they think it's a good investment. Just like cash, it's what you do with crypto that matters.

I appreciate all your responses as this is still a learning process for me in the crypto area. I will contact the customer and inquire.

Thank you