Further to the AML/CFT Guidance Notes for Virtual Asset Service Providers ("VASPs") and Issuers of Initial Token Offerings ("IITOs") ("Guidance Notes") initially issued on 28 February 2022, the Financial Services Commission has updated its guidelines in line with the Financial Action Task Force Updated Guidance on Risk- Based Approach on Virtual Assets and Virtual Asset Service Providers published in October 2021.
The updated Guidance Notes aim to assist VASPs and IITOs to meet their regulatory obligations on targeted financial sanctions, including sanction screening and implementation of internal controls and other procedures to prohibit transactions with designated and listed parties. Click HERE to read more, in the official communiqué issued by the FSC.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.