Regulatory Alerts2020-01-08
FATF Guidance for a Risk-Based Approach to Virtual Currencies
The Financial Action Task Force issued this guidance to apply anti-money laundering and counter-terrorist financing standards to convertible virtual currency payment products and services. It requires national authorities to regulate convertible virtual currency exchangers as financial institutions or designated non-financial businesses and professions to mitigate money laundering and terrorist financing risks. The document outlines specific risk-based measures for licensing, supervision, and international cooperation to ensure consistent global treatment of these borderless payment mechanisms.
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