Regulatory Alerts2022-11-24
executive Summary Of Royal United Services Institute (rusi) Guidance On Counterproliferation Financing For Virtual Assets Service Providers (vasps)
The Nigerian Financial Intelligence Unit (NFIU) has issued a guidance note on counterproliferation financing for Virtual Asset Service Providers (VASPs). This document provides a blueprint for VASPs to enhance their financial crime compliance practices, particularly in identifying and mitigating the risks associated with proliferation financing. It emphasizes the importance of understanding FATF recommendations, conducting thorough risk assessments, implementing robust cyber-security measures, and adhering to strict reporting requirements to combat the misuse of virtual assets for illicit activities.