A regulatory authority in Cyprus has urged accounting and audit professionals to assist in identifying and preventing terror financing activities, with a specific focus on various methods of fund transfer, including cryptocurrencies. The Institute of Certified Public Accountants of Cyprus (ICPAC) issued a 'terror financing alert' to address the issue, aiming to involve accounting experts in monitoring. Terrorist organizations utilize five main methods for transferring funds, such as donations through NGOs, cash, bank transfers, gift cards, cryptocurrencies, and shell companies. Regarding cryptocurrencies, ICPAC emphasizes the importance of monitoring anonymous cross-border transactions, crowdfunding, charities, and online fundraising campaigns. The regulator instructed its members to report any suspicious transactions, warning of consequences for failing to do so. Transactions flagged as suspicious will undergo scrutiny, including profiling individuals, monitoring crypto wallets, and utilizing specialized blockchain tools. Read more AI-generated news on: https://app.chaingpt.org/news