Regulatory Alerts2023-07-19 | C589CySEC Circular C589: MONEYVAL Report on Money Laundering and Terrorism Financing Risks in Virtual Assets
The Cyprus Securities and Exchange Commission issued Circular C589 to direct regulated entities to review MONEYVAL's report on money laundering and terrorism financing risks associated with virtual assets. The report provides a horizontal analysis of FATF Recommendation 15 compliance among MONEYVAL members and details criminal schemes exploiting virtual asset service providers. CySEC requires these entities to study the findings and integrate the insights into their own risk assessments to enhance the effectiveness of their anti-money laundering and counter-terrorist financing measures.
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