The Financial Action Task Force on Money Laundering (FATF) has published recommendations on the regulation of cryptocurrencies in 37 countries belonging to this intergovernmental organization.
The FATF statement says that due to the threat of unlawful use of virtual assets by criminals and terrorists and the need to seriously and urgently counteract them, the FATF member countries will have 12 months to voluntarily introduce these requirements into permanent practice.
Among other things, the document refers to the implementation of the requirement for “virtual asset service providers” (VASP) to be met – to exchange customer data when transferring funds between sites. Such information includes the name of the sender, the date and place of his birth, the account number for the transaction , the address and national identification number or customer identification number, as well as the name of the payee and his account number for the transaction.
“The sending company is obliged to collect and save necessary and accurate information about the sender of funds to the beneficiary, if such exists. Countries must ensure that the beneficiaries … collect and retain the necessary (not necessarily accurate) information about the sender and the necessary and accurate information about the beneficiary, ”the document says.
FATF recommendations imply that VASP must be licensed or registered in its jurisdiction, and if the ownership structure or organization of the company changes, it must be approved by the regulator. At the same time, VASP is expected to freeze funds or prohibit transactions for persons on sanction lists.
In addition, the FATF believes that the member countries of the organization should take steps to ensure that VASP can minimize the risks of operations using mixing services and similar tools.
Recall that earlier analytical company Chainalysis called on FATF to reconsider its requirements for cryptocurrency exchanges . She criticized the requirement to stock exchanges for mandatory identification and accounting of senders and recipients of cryptocurrency transactions. The company believes that such rules may lead to the fact that VASP will become impossible to work.
Publication date 06/22/2019
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