FATF: VIRTUAL ASSETS RED FLAG INDICATORS OF MONEY LAUNDERING AND TERRORIST FINANCING

On 14 September, FATF published guidance on red flags which it says will help national authorities detect whether virtual assets are being used for criminal activity.  Based on more than 100 case studies collected by members of the FATF Global Network, it highlights the most important red flag indicators that could suggest criminal behaviour.  It says that the guidance will help virtual asset service providers (VASP), financial institutions, and designated non-financial businesses and professions (DNFBP), and other reporting entities detect and report suspicious transactions. It will also provide useful information for FIU, law enforcement agencies, prosecutors and regulators to analyse suspicious transaction reports or monitor compliance with AML/CFT controls.  The new guidance complements the June 2019 Guidance for a Risk-Based Approach to Virtual A and Virtual A Service Providers.

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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