The Financial Action Task Force (FATF) released two documents, indicating jurisdictions with strategic deficiencies in their anti-money laundering and combating the financing of terrorism (AML/CFT) regimes.Read more
Outsourcing of functions or activities
Crypto service providers are permitted to outsource specific functions or activities. However, they remain responsible for the adequate and effective implementation of legal and regulatory requirements.
In the event of outsourcing to a third party, crypto service providers must prepare a clear risk assessment which includes the expertise and practical approach of the third party in terms of Wwft compliance. It is important that crypto service providers not only lay down in writing that the third party will comply with all statutory requirements, but also that they should periodically check and verify this.
Pursuant to Section 10 of the Wwft, crypto service providers are permitted to outsource their CDD processes to a third party. Monitoring of the business relationship cannot be outsourced to a third party, however.
- Crypto service providers
On 19 May 2021, following a ruling on an objection, we re-examined an earlier decision regarding a crypto service provider's compliance with the Sanctions Act.Read more