SUPERVISING CRYPTOASSETS FOR AML

The Financial Stability Institute of the Bank for International Settlements (BIS),has produced this FSI Insight which finds that supervision of cryptoasset service providers (CSP) remains nascent globally and that the key question remains as to who and which activities fall within the regulatory jurisdiction.  It says that, overall, most supervisors have an open dialogue with the private sector and provide an “on-ramp” period for service providers.  While much work remains on implementation, most jurisdictions have performed or are in the process of performing an AML/CFT national risk assessment.  While the travel rule is a binding FATF obligation most jurisdictions have not effectively implemented it, and international cooperation to oversee this sector effectively is key.

https://www.bis.org/fsi/publ/insights31.pdf

Any modest contributions for my time and ongoing expenses are welcomed!  I have a page, where contributions start as low as $3, at https://www.buymeacoffee.com/KoIvM842y

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

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s