JMLSG publishes crypto transfer guidance

JMLSG has published its final revisions to Section 22 (Cryptoasset providers and custodian wallet providers) in Part II of its AML/CTF guidance. The update includes a new Annex 1 on crypto transfers which relates to the provisions of the MLRs that implement the travel rule for cryptoasset transfers in the UK. As a reminder, from 1 September 2023, cryptoassets businesses will be required to collect, verify and share information about transfers of cryptoassets to other cryptoasset businesses.

Annex I sets out guidance to help firms design and implement the systems and controls needed to mitigate the risks of crypto transfers being used in connection with money laundering and terrorist financing.

Lucy Hadrill