FIAU Notice: FATF – Updated Guidance for a Risk-Based Approach to Virtual Assets and Virtual Asset Service Providers
The Financial Intelligence Analysis Unit (FIAU) would like to bring to the attention of subject persons operating within the Virtual Financial Asset (VFA) sector and those dealing with the same, that following the first publication in 2019, the Financial Action Task Force (FATF) has updated its guidance document “A Risk-Based Approach to Virtual Assets and Virtual Asset Service Providers”.
The main revisions made to the document seek to provide further clarity and/or guidance in relation to:
i. The definitions of virtual assets and virtual asset service providers (VASPs);
ii. The application of the FATF Standards vis-à-vis stablecoins;
iii. The risks and tools available to countries to address money laundering and funding of terrorism risks for peer-to-peer transactions;
iv. The licensing and registration of VASPs;
v. The implementation of the “travel rule”;
vi. The principles of information-sharing and co-operation amongst VASP Supervisors.
Interested persons may read more about the revised document on the FATF’s website. The guidance document may be accessed on the FIAU’s website, or by clicking the link below.