FATF FAQs: 6 Things Crypto Businesses Need to Know About FATF Compliance

  1. VASP Licensing: Businesses which interact with the virtual asset economy are to be classified as Virtual Asset Service Providers (VASPs), and must obtain the associated licenses from appropriate regulating bodies in order to operate. Those who fail to meet regulatory standard are subject to penalties, sanction, and revocation of license.
  2. The Travel Rule: All transactions on VASP platforms of 1000 USD/EUR or greater must be documented. VASPs must obtain and hold required and accurate originator and beneficiary information on transfers and submit it immediately and securely on request. Recipient platforms have a responsibility to ensure that fund transfers include adequate documentation of aforementioned information.

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AnChain.AI

AnChain.AI

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Blockchain data analytics firm providing security, risk, and compliance solutions.