The CSSF published a Communiqué, bringing to the attention of entities, including in the financial sector:
- the adoption by the FATF of the modified Interpretive Note to the FATF Recommendation 15 on New Technologies (“INR15”) taking account of virtual assets and virtual asset service providers;
- the FATF June 2019 Guidance document. which elaborates on the risk-based approach and how to assess and mitigate the risks associated with virtual asset financial activities; and
- the European Directive 2018/843 (“AMLD5”), which has extended the scope of application of the European Directive 2015/849 (“AMLD4”) so as to include providers engaged in virtual currencies exchange services, as well as custodian wallet providers.
Two domestic Bills, the Draft Bill of law 7467 and Draft Bill of law 7512, Article 11, will implement these supranational Directives and Recommendations into national law.