US Treasury nominee for head of terrorism and financial intelligence says preventing crypto money laundering is a ‘priority’

Regulatory Watch News

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  VIRTUAL ASSETS (VA) AND VIRTUAL ASSET SERVICE PROVIDERS (VASP) NETWORK

  June 1, 2023

  The APG has recently launched the APG Virtual Asset (VA) and Virtual Asset Service Provider (VASP) Network for public sector representatives of APG members and observers to share information on challenges, enforcement activities, experiences and policy developments relating to VAs and VASPs. The Network will also facilitate discussions on relevant policies and papers issued by the Financial Action Task Force (FATF) concerning VAs and VASPs and any technical assistance requested by APG members relating to the implementation of Recommendation 15.

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  Taxi drivers turned into managers to receive EU funds for leadership training – two convictions for subsidy fraud in Czechia

  European Public Prosecutor's Office

  May 31, 2023

  An investigation by the European Public Prosecutor’s Office (EPPO) in České Budějovice (Czechia) revealed that in 2017, the convicted person and her company claimed to be providing soft skills leadership training for managers, and had received up to €70 800 (CZK 1 700 000) in EU funds for it. However, the investigation proved that the majority of the documented participants were not managers, but taxi drivers, who had never attended any training session. The company owner was sentenced to 30 months of imprisonment with a probationary period of four years and a financial penalty of €8 500. The company was prohibited from applying for and receiving subsidies for a period of six years.

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  EBA consults on amendments to the Guidelines on money laundering and terrorist financing risk factors to include crypto-asset service providers

  European Banking Authority

  May 31, 2023

  The European Banking Authority (EBA) launched today a public consultation on amendments to its Guidelines on money laundering and terrorist financing (ML/TF) risk factors. The proposed changes extend the scope of these Guidelines to crypto-asset service providers (CASPs). The consultation runs until 31 August 2023. CASPs as well as other credit and financial institutions are exposed to ML/TF risks. For CASPs, these risks can be increased, due to, for example, the use of innovative technologies, instant transfers of crypto assets across the world and services that contain privacy-enhancing features.