FATF status report on Implementation of Recommendation 15 with VASP Activity

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The Financial Action Task Force (“FATF”) has released a status report on the Implementation of Recommendation 15 by FATF Members and Jurisdictions with Materially Important VASP Activity.

Following a 12-month process of collecting and evaluating information from 58 countries representing a significant part of worldwide cryptoassets activity, FATF has developed a table to illustrate the emerging trends in the covered jurisdictions to effectively regulate VASPs.

The results highlight the progress made in implementing these recommendations, with a large majority of countries reporting to have enacted or being in the process of enacting licensing/registration regimes, requiring compliance with AML/CFT rules, as well as having taken supervisory or enforcement action against VASPs.

Firms should remain alert to the AML/CFT risks in their business models and ensure that robust control frameworks are in place to combat these risks.


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