These changes will lead to critical adjustments, particularly in the areas of Virtual Asset Service Providers (VASPs), Customer Due Diligence (CDD), and wire transfers.

Here’s a preview of what’s coming up:

VASPs: Heightened requirements for compliance and reporting systems, especially concerning virtual asset transactions and international wire transfers. These changes will necessitate updates to your documents and processes to ensure alignment with the evolving regulatory landscape.

Customer Due Diligence (CDD): Be prepared for revisions in CDD processes, including enhanced measures for legal persons and ongoing account monitoring. Compliance documents must reflect these changes to maintain regulatory compliance.

Wire transfers and reporting: Additional obligations will be imposed on ordering institutions, intermediary institutions, and Money or Value Transfer Service (MVTS) operators regarding international wire transfers and prescribed transaction reporting.

While this is just a brief preview of what’s coming, it’s important to keep these upcoming changes in mind. Stay tuned for more guidance from us in the next few months. We’ll give you more detailed information and help you to get ready for these changes.

If you have any questions in the meantime, don’t hesitate to get in touch.