The State Financial Monitoring Service of Ukraine has translated and published on the official web-site the Guidance of the Financial Action Task Force on Money Laundering (FATF) for a risk-based approach to virtual assets and virtual asset service providers.
In October 2018, the FATF updated its standards to clarify the application of requirements for virtual assets and virtual asset service providers to combat money laundering and terrorist financing by amending Recommendation 15 and adding two new definitions to the FATF Glossary.
The Guidance is developed for the practical use of FATF Recommendations for countries and competent authorities, as well as for virtual asset service providers and other reporting entities involved in virtual assets activities, including financial institutions such as banks and professional securities’ participants.
The document describes the full range of obligations, that applicable to the virtual asset service providers and to the virtual assets according to the FATF Recommendations, and emphasizes the need to understand money laundering and terrorist financing risks related to their activities and take appropriate mitigation measures to reduce that risks.
The Guidance provide examples of national approaches to the supervisory of virtual asset service providers activities appeal to prevent the use of virtual assets for money laundering and terrorist financing.
The FATF Guidance for a Risk-Based Approach to Virtual Assets and Virtual Asset Service Providers can be found on the official website of the SFMS in the section "Financial Monitoring Organization" / "Recommendations of International Organizations".
Press-service of the SFMS