18th September 2020

The Financial Intelligence Analysis Unit (FIAU) is today issuing a revised version of the Implementing Procedures – Part II on the Application of Anti-Money Laundering and Countering The Funding of Terrorism Obligations to the Virtual Financial Assets Sector, a copy of which may be accessed and/or downloaded from the FIAU’s website. 

The changes relate to the following:

1) to reflect Regulation 15(3) of the Prevention of Money Laundering and Funding of Terrorism Regulations (“PMLFTR”) on the timeframe to submit an STR; and

2) to the red flags associated with Virtual Financial Assets, where subject persons are being advised to familiarise themselves with the report issued by the FATF earlier this month on Red Flag Indicators of Money Laundering and Terrorist Financing concerning Virtual Assets, as well as any updates thereto or related documents.