FATF Clarifies Policies & Recommendations for all Virtual Asset Providers

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The global Financial Action Task Force (FATF) has formally updated its policies for all registered virtual asset service providers. The amendments clarify its key recommendations to anti-money laundering regulations and compliance monitoring. Going forward, all service providers must conduct customer due-diligence (CDD records) to include the following steps:

• Ongoing monitoring.
• Record-keeping processes.
• On-going reporting of suspicious transactions.