The Data Analysis Department of the Financial Monitoring Service has developed a new methodological guide called ML/ TF risks arising in connection with the use of Virtual Assets and the activities of Virtual Asset Service Providers.
The main objective of the presented tool is to provide methodological support to understand the nature of the concept of virtual asset (VA), its scope, the mechanism of transmission of underlying values and the risks and vulnerabilities of ML / TF associated with such assets. Thus, the methodological tool will assist the financial sector, regulators, law enforcement agencies and other stakeholders as a source of information to identify the necessary measures for the management of VA and related risks.
The abovementioned document is also designed for private sector entities wishing to carry out VA-related activities or transactions to support the understanding of their AML / CFT obligations and the effective implementation of FATF requirements.
It should be noted that the topic presented is a relatively new trend, its scope is very wide, and there are many different approaches from different sources. That is, no common standards have been set in this area yet. The main specificity of the field itself is the rapid updates. Taking into account the above, during preparation of the relevant methodological document, the focus was made on the main points.
The guide was published on the official website of FMS: