FATF Issues Recommendations Preventing Financial Crimes Using Financial Technologies
5 julio 2019


On June 28, the Financial Action Task Force (FATF) issued a report detailing its first international recommendations to prevent crimes using financial technologies, especially those using cryptoassets. It recommends entities operating with these financial technologies to increase security measures when handling customer data and suggests a series of guidelines including changes to risk approaches and how to monitor suspicious activity. Although the recommendations are not binding, they are nevertheless the entity’s first step on the road to establishing good practices for the use of these instruments.

Key sections in the guide include mechanisms to moderate risk in exposure to virtual assets, as well as recommendations regarding the licensing and registration of providers of these new financial services. There is a specific proposal aimed at not allowing such platforms to self-regulate but instead creating specific supervisory bodies with the capacity to monitor the proper functioning of these bodies.

The guide also proposes a cooperative approach at multinational and multi-agency level to promote joint work and the sharing of regulatory experiences in order to improve risk assessment criteria and regulatory contexts to enhance risk evaluation. It also recommends actions to be taken to prevent cryptotransfers from remaining secret.

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