The Dutch AFM enforces AML/CFT regulations on CASPs. They must assess risks related to their services like customer profiles and transaction trends. Additional directives by AFM highlight increased scrutiny for transactions involving self-hosted addresses or high-risk countries. CASPs must report unusual activities to the financial intelligence unit promptly. Sanctions compliance is essential to avoid violations. CASPs must implement procedures to prevent financial resources transfer to sanctioned individuals, including screening trade relations and controlling financial flows involving sanctioned persons. TFR regulates detailed information tracking in crypto transfers. CASPs need to verify entities controlling addresses for transfers exceeding €1,000. Complying with GDPR is crucial for data protection. AFM’s specific advice for CASPs enhances clarity for compliance with AML/CFT, contributing positively to the sector’s integrity and security in the Netherlands. However, lack of detailed implementation instructions may lead to inconsistencies in practical compliance among CASPs.
https://altcoin.observer/what-are-the-new-dutch-anti-money-laundering-obligations-for-crypto-active-service-providers/
21,680
Lunam Points