Virtual Assets Red Flag Indicators of Money Laundering and Terrorist Financing
23/11/2020
Published in September 2020, based on more than 100 case studies collected by members of the FATF Global Network, this report highlights the most important red-flag indicators that could suggest criminal behaviour.
This report gives Virtual Assets Service Providers (VASPs) and other compliance staff better information on what to look out for when they are monitoring virtual asset transactions.
Key indicators in this report focus on: -
- Technological features that increase anonymity - such as the use of peer-to-peer exchanges websites, mixing or tumbling services –
- Geographical risks - criminals can exploit countries with weak, or absent, national measures for virtual assets –
- Transaction patterns - that are irregular or which suggest criminal activity –
- Transaction size –
- Sender or recipient profiles - unusual behaviour can suggest criminal activity –
- Source of funds or wealth
A sector-specific summary version for VASPs can be found here http://www.fatf-gafi.org/media/fatf/documents/recommendations/Handout-Red-Flags-VA-VASP.pdf
Financial and non-financial sectors can be found here. http://www.fatf-gafi.org/media/fatf/documents/recommendations/Handout-Red-Flags-VA-Financial-Non-Financial.pdf
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As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.