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FATF consults on updated guidance on a risk-based approach to virtual assets and virtual asset service providers

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Published on: 22 March 2021

Published by LNB News

LNB News 22/03/2021

Document Information

Issue Date: 22 March 2021

Published Date: 22 March 2021

Jurisdiction(s): United Kingdom

Article summary

The Financial Action Task Force (FATF) is consulting on its draft updated guidance on a risk-based approach to virtual assets (VAs) and virtual asset service providers (VASPs). Th changes to the FATF’s pre-existing guidance aim to maintain a level playing field for VASPs, based on the financial services they provide in line with existing standards applicable to financial institutions and other anti-money laundering and countering the financing of terrorism (AML/CFT)-obliged entities, as well as minimising the opportunity for regulatory arbitrage between sectors and countries. Responses are sought by 20 April 2021.

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