FATF Guidance on AML Regulations Poses Significant Challenges to Crypto Industry

12 July 2019
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Key takeaways:

  • The Financial Action Task Force (“FATF”) issued a guidance on AML approach to virtual assets and virtual asset service providers.
  • The new guidance expands the application of AML rules to a broad range of virtual asset service providers, including virtual-to-virtual exchanges.
  • The FATF also requires all members to ensure that virtual asset service providers are registered or licensed.
  • The implementation and compliance with the new FATF rules may prove challenging to the virtual asset service providers.