The EU’s AML/CFT framework is out of sync with the latest Financial Action Task Force (FATF) standards and Member States have adopted divergent approaches to regulating virtual asset service providers (VASPs). Change is on the horizon and VASPs must prepare.
Professionals in the compliance and legal community are currently grappling with a patchwork of regulation, with significant commercial pressure to exploit jurisdictional differences. But this approach is short-sighted and unsustainable. Instead, focus should be directed towards recent FATF and EU initiatives to comprehensively regulate this area and provide clear guidance.
First published by InCompliance Magazine