Posts Tagged ‘vasps’

Introduction The rise of virtual assets and cryptocurrencies has revolutionised the financial landscape, offering new opportunities for innovation and efficiency. However, these digital tools also present significant risks, particularly for Tranche 2 professions such as lawyers, accountants, real estate agents and trust and company service providers (TCSPs). As gatekeepers, these professions play a critical role…

Introduction The rise of Virtual Asset Service Providers (VASPs), including cryptocurrency exchanges, digital wallets, and decentralised finance (DeFi) platforms, has revolutionised the financial landscape by offering fast, global, and often anonymous transactions. However, these same characteristics make the VASP sector an attractive target for organised criminals who misuse VASPs for money laundering and outlines key…

Introduction The rise of Virtual Asset Service Providers (VASPs) – including cryptocurrency exchanges, digital wallets, and decentralised finance (DeFi) platforms – has revolutionised global finance by enabling fast, borderless, and often anonymous transactions. However, these same characteristics make VASPs a prime target for organised criminals seeking to launder illicit funds. Criminals exploit weak KYC (Know…

Introduction In November 2024, the Australian Parliament enacted the Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2024 (AML/CTF Amendment Act), marking a significant expansion of the nation’s financial regulatory framework. This legislation extends AML/CTF obligations to include Virtual Asset Service Providers (VASPs), acknowledging the sector’s vulnerability to exploitation by financial criminals. As a VASP, understanding…