On October 19, FinCEN announced a notice of proposed rulemaking (NPRM) that identifies international Convertible Virtual Currency mixing (CVC) as a primary money laundering concern. In its NPRM, FinCEN highlighted the prevalence of illicit actors, including Hamas and Palestinian Islamic Jihad, who use CVC mixing to fund their illegal activity, and how increased transparency can combat their efforts. According to FinCEN, CVC mixing is used to conceal the source, destination, or amount involved in transactions. The proposed rule would require covered financial institutions to collect records of, and report suspicious CVC mixing transactions, as defined, to FinCEN within 30 days of initial detection. The proposed rule would not require covered financial institutions to source additional report information from the transactional counterparty, adding that the information required for the report is similar to information already collected by financial institutions. FinCEN also noted this is its first ever use of its authority under Section 311 of the USA PATRIOT Act.