Financial Action Task Force (FATF) – Following recommendations in real life – Part 2

In Part 1 of an extensive FATF 101 guidance, Global Ledger (GL) team, a blockchain analytics company from Switzerland with customers worldwide, focused on the main definitions of virtual assets (VAs) and virtual asset service providers (VASPs) and explained the difficulties in applying FATF recommendations to the P2P platforms and DeFi.

GL team also published part 2 of their exploration into FATF compliance, taking a more hands-on approach. They delved into practical methodologies for implementing these regulations and check real-life examples.

Key Insights: 

• Effective Customer Due Diligence (CDD) processes are essential for identifying and verifying customer identities.
• Regular monitoring is fundamental for spotting suspicious activities in customer transactions.
• Compliance with the so-called Travel Rule is vital for maintaining transaction transparency and fulfilling regulatory requirements.
• Various red flags, such as transaction sizes and patterns, can signal potential illicit activities in transactions.

Read full article:: FATF Rules in Action: Compliance Simplified (globalledger.io)