On 28th June, Elliptic published its analysis of new guidance that updates the 2015 FATF guidance, providing clarity on the role of transaction monitoring solutions for AML/CFT risk management for virtual assets and virtual asset service providers. The analysis contains key takeaways on –
- the importance of transaction monitoring solutions;
- the importance of conducting a firm-wide risk assessment;
- the global requirement to implement FATF Recommendation 16 (the “Travel Rule”);
- the application of the FATF standards to a wide range of product and service providers;
- the importance of address blacklisting and typologies development; and
- the need for banks to develop a risk-based approach to virtual assets.
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