Virtual Asset Service Providers' AML/CFT Frameworks: Central Bank Observations On VASP Applications For Registration

On 11 July 2022, the Central Bank issued a bulletin to virtual asset service providers (VASPs) outlining its regulatory expectations and setting out recurring weaknesses in, VASP registrations.

As is the case for all regulated entities, the Central Bank expects that VASPs have the necessary risk culture and appropriate risk and control frameworks to minimize the risk of criminals using their products or services to launder money or finance terrorism.

When assessing a VASP registration application, the Central Bank must be satisfied that the applicant's AML/CFT policies and procedures are robust enough to effectively combat money laundering and terrorist financing risks associated with its business model.