New FATF Rules: KYC Technology is Critical for Compliance
In this month’s update, we’ll be taking a look at a major topic we covered in our Knowledge Base: the FATF’s updated draft guidance – and who and what may be affected by it.
As Europe’s largest economy and a major global financial powerhouse, Germany is unsurprisingly a major target for illicit financial activity.
In this installment of our Regulatory Focus Series, we take a look at Germany’s key AML regulator BaFin and the KYC compliance rules it puts in place to curb money laundering and other financial crimes in the country.
Global regulatory body the Financial Action Task Force (FATF) has released its updated draft guidance for VASPs. Proposing expanded definitions and methods for the regulation of Virtual Assets (VAs) and VASPs, it has asked stakeholders in the VA/VASP industry to provide feedback on the proposals as part of its mission to create a robust regulatory approach.