Financial Action Task Force Issues Guidance for the Virtual Asset Sector
Client Memorandum

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The Financial Action Task Force released a highly anticipated interpretive note and guidance on June 21, 2019, clarifying the application for the virtual currency sector of the FATF’s 40 recommendations to combat money laundering and the financing of terrorism. The FATF’s “Guidance for a Risk-Based Approach to Virtual Assets and Virtual Asset Service Providers” broadly recommends that countries require virtual asset service providers to comply with the same AML/CFT requirements as traditional financial institutions.