Regulatory Alerts2020-12-24
virtual Assets And Virtual Assets Service Providers (vasps) Aml/cft Implications For Giaba Member States
The Financial Action Task Force (FATF) has amended Recommendation 15 to include Virtual Assets and Virtual Assets Service Providers (VASPs) due to the rapid advancement of technology and the increasing use of virtual assets in financial transactions. The document highlights the risks associated with virtual assets, such as money laundering and terrorist financing, and provides recommendations for GIABA Member States to mitigate these risks. It urges member states to assess risks, establish regulations, and implement sanctions for non-compliance. The document emphasizes the importance of addressing the AML/CFT implications of virtual assets and VASPs to ensure financial stability and security within the region.