Virtual Assets and Virtual Asset Service Providers
Year: 2019 Language: english Author: Financial Action Task Force (FATF) Genre: Guide Format: PDF Quality: eBook Pages count: 59 Description: This Guidance outlines the need for countries and VASPs, and other entities involved in VA activities, to understand the ML/TF risks associated with their activities and take appropriate mitigating measures to address them. In particular, the Guidance provides examples of risk indicators that should specifically be considered in a VA context, with an emphasis on factors that would further obfuscate transactions or inhibit VASPs’ ability to identify customers. The Guidance examines how VA activities and VASPs fall within the scope of the FATF Recommendations. It discusses the five types of activities covered by the VASP definition and provides examples of VA-related activities that would fall within the VASP definition and that would be excluded from the FATF scope. In that respect, it highlights the key elements required to qualify as a VASP, namely acting as a business on behalf of the customers and actively facilitating VA-related activities. The Guidance describes the application of the FATF Recommendations to countries and competent authorities; as well as to VASPs and other obliged entities that engage into VA activities, including financial institutions such as banks and securities broker-dealers, among others. Almost all of the FATF Recommendations are directly relevant to address the ML/TF risks associated with VAs and VASPs, while other Recommendations are less directly or explicitly linked to VAs or VASPs, though are still relevant and applicable. VASPs therefore have the same full set of obligations as financial institutions or DNFBPs.
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Virtual Assets and Virtual Asset Service Providers
Language: english
Author: Financial Action Task Force (FATF)
Genre: Guide
Format: PDF
Quality: eBook
Pages count: 59
Description: This Guidance outlines the need for countries and VASPs, and other entities involved in VA activities, to understand the ML/TF risks associated with their activities and take appropriate mitigating measures to address them. In particular, the Guidance provides examples of risk indicators that should specifically be considered in a VA context, with an emphasis on factors that would further obfuscate transactions or inhibit VASPs’ ability to identify customers.
The Guidance examines how VA activities and VASPs fall within the scope of the FATF Recommendations. It discusses the five types of activities covered by the VASP definition and provides examples of VA-related activities that would fall within the VASP definition and that would be excluded from the FATF scope. In that respect, it highlights the key elements required to qualify as a VASP, namely acting as a business on behalf of the customers and actively facilitating VA-related activities.
The Guidance describes the application of the FATF Recommendations to countries and competent authorities; as well as to VASPs and other obliged entities that engage into VA activities, including financial institutions such as banks and securities broker-dealers, among others. Almost all of the FATF Recommendations are directly relevant to address the ML/TF risks associated with VAs and VASPs, while other Recommendations are less directly or explicitly linked to VAs or VASPs, though are still relevant and applicable. VASPs therefore have the same full set of obligations as financial institutions or DNFBPs.
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RBA-VA-VASPs.pdf
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