crypto rules

The Financial Action Task Force (FATF) has published a Report on money laundering/terrorist financing (ML/TF) red flag indicators associated with virtual assets. The aim is to assist reporting entities, including financial institutions, designated non-financial businesses and professions and VASPs; furthermore, it should also facilitate reporting entities’ application of a risk-based approach to their Customer Due Diligence requirements.

The identified Red Flag Indicators relate to the following areas:

1. Transactions;

2. Transaction patterns;

3. Anonymity;

4. Senders or Recipients;

5. Source of Funds or Wealth;

6. Geographical risks.

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