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FATF Guidance on AML Regulations Poses Significant Challenges to Crypto Industry
12 July 2019
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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.
Cybersecurity & Data Privacy
Anna V. Maximenko
Gary E. Murphy
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