18 July 2019

FATF releases 2019 guidance on virtual assets: 9 key points and global changes

Virtual asset adoption within traditional finance can only occur with clear regulation. A major piece of this puzzle is anti-money laundering and counter-terrorist financing (“AML/CTF”) obligations. Without clear rules, many banks struggle to open accounts for blockchain businesses. It is also far more challenging for blockchain businesses themselves to create strong policies. The risks themselves are left to inconsistent industry practice.

The global standard-setter for AML/CTF has now finalised and issued its long-awaited guidance on the subject. This post outlines the key points, sharing our views and providing insight on the regulatory approach to virtual assets and virtual asset service providers (“VASPs”) in various jurisdictions.

Key contacts

Share on LinkedIn Share on Facebook Share on Twitter
    You might also be interested in

    We sum up the SFC's latest report on its regulatory priorities.

    28 July 2020

    We examine the new regulatory regime for insurance linked securities in Hong Kong.

    27 July 2020

    The HKMA issues good practices in anti-money laundering and counter-financing of terrorism control measures on remote customer onboarding initiatives.

    08 July 2020

    We sum up the key features of the GBA's latest Wealth Management Connect initiative.

    06 July 2020

    This site uses cookies to enhance your experience and to help us improve the site. Please see our Privacy Policy for further information. If you continue without changing your settings, we will assume that you are happy to receive these cookies. You can change your cookie settings at any time.

    For more information on which cookies we use then please refer to our Cookie Policy.