It is imperative that your firm put measures in place to defend
against money laundering, terrorism financing and proliferation
financing if your goals for 2024 include getting more involved in
virtual assets and tokenisation.
Virtual assets anti-money laundering (AML)
controls, open-source intelligence (OSINT) and the
Financial Action Task Force's (FATF)
Recommendation 16 (the Travel Rule) are all
interconnected in the fight against AML, combating the financing of
terrorism (CFT) and combating proliferation
financing (CPF).
FATF has published guidance on Enhanced Due Diligence
(EDD) measures that can be taken to mitigate
against the potential higher risks associated with virtual assets,
but these measures can also be taken by non-virtual asset related
entities as they will strengthen their existing EDD systems and
controls.
