Since then, the FATF has adopted a risk-based approach to VA activities or operations and VASPs. This new approach includes the supervision of VASPs to ensure compliance in the areas of licensing and registration and preventive measures such as customer due diligence, transaction reporting and record-keeping. It also includes monitoring VASPs to combat money laundering and the financing of terrorism. Doing so enhances the effectiveness of sanctions and other enforcement measures, as well as international cooperation. VASPs, therefore, have the same full set of obligations as financial institutions.
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Source: Cryptocurrency - investing.com
