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ARTICLE · 02 NOVEMBER 2021

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FATF Publishes Finalised Updated Guidance For A Risk-Based Approach For Virtual Assets And Virtual Asset Service Providers

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Yesterday, on 28 October 2021, the Financial Action Task Force published its finalised, updated Guidance for a Risk-Based Approach for Virtual Assets and Virtual Asset Service Providers, applicable to firms that handle cryptocurrency and virtual assets.

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Yesterday, on 28 October 2021, the Financial Action Task Force ("FATF") published its finalised, updated Guidance for a Risk-Based Approach for Virtual Assets and Virtual Asset Service Providers (the "Guidance"), applicable to firms that handle cryptocurrency and virtual assets. This updated Guidance forms part of the FATF's ongoing monitoring of the virtual assets sector and is intended by the FATF to assist national authorities in interpreting and developing regulatory and supervisory responses to virtual activities and Virtual Asset Service Providers ("VASPs"), and to aid private entities seeking to participate in virtual activities in understanding the anti-money laundering and counter-terrorist financing ("AML/CTF") requirements applicable to them.

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