Fact Explorer
Every compliance fact, independently sourced and validated.
74,100 facts across 207 jurisdictions, of which 50,463 have had their primary source independently re-checked.
Afghanistan
- [aml] Transactions ≥ AFS 1,000,000 (≈USD 20,000) require reporting to FinTRACA. Afghanistan - State.gov - State Department — source
- [aml] Customer Identification Program (CIP): Entities must implement procedures to verify the identity of their customers, including collecting personal information and verifying documentation.<sup>4</sup> — source
- [aml] Ongoing transaction monitoring for VASPs is not required for Afghanistan under FATF recommendations. — source
- [custody] Custodial License Requirements: There are no specific custodial license requirements for digital asset custody in Afghanistan. The operation of any crypto-related business, let alone a custody provider, would be highly precarious and likely illegal under the current regime's informal decrees. — source
- [custody] Segregation of Client Assets Rules: No rules exist for the segregation of client digital assets. — source
Albania
- [aml] General Directorate for the Prevention of Money Laundering (GDPML): http://www.gdpml.gov.al/ (Often lists relevant legislation and guidance, though primarily in Albanian). — source
- [aml] Law No. 90/2020 "On Financial Markets Based on Distributed Ledger Technology" (DLT Law): — source
- [aml] This is Albania's primary legislation for regulating virtual assets and VASPs. — source
- [aml] Article 5(c) explicitly states that VASPs are subject to the Law on Anti-Money Laundering and Counter-Terrorism Financing, thus bringing them squarely under the scope of sanctions compliance. — source
- [aml] Reference: Law No. 90/2020 (Albanian Official Gazette, available via Albanian Parliament or Ministry of Finance, often referenced in legal summaries). An English summary can often be found through legal firms operating in Albania. — source
Algeria
- [aml] Algeria has implemented ICITAP-driven anti-money laundering (AML) reforms to address concerns raised by its inclusion on the Financial Action Task Force (FATF) grey list, aiming to strengthen compliance with international AML/CFT standards. Algeria: ICITAP-Driven Anti-Money Laundering Reforms ... — source
- [aml] Financial institutions operating in Algeria must obtain licenses from the Central Bank of Algeria (Banque Centrale Algérienne) and comply with AML/CFT regulations, including robust customer due diligence (CDD) procedures. Algeria - Global AML Guide — source
- [aml] Algeria mandates comprehensive KYC processes for crypto-related businesses, requiring identification of customers, ongoing monitoring of transactions, and reporting suspicious activities to authorities. Algeria AML CFT Activities — source
- [aml] The Algerian government has taken enforcement actions against entities failing to comply with AML/CFT regulations, including fines and potential criminal prosecution for money laundering offenses. Mutual Evaluation of Algeria — source
- [aml] Cryptocurrency transactions in Algeria are subject to taxation under the Finance Law 2026, with specific provisions addressing income tax on gains and potential VAT implications. Algeria | Finance Law 2026: Key tax and regulatory ... — source
Andorra
- [aml] Law 14/2017 of 22 June on the prevention and fight against money laundering and the financing of terrorism: This is Andorra's principal AML/CFT law, establishing the general obligations for all obliged entities. It has been subsequently amended to incorporate international recommendations. — source
- [aml] Law 9/2023 of 23 March on digital assets: This specific law regulates virtual assets and their service providers, bringing VASPs under the scope of Law 14/2017 and defining the specific licensing and operational requirements for these entities. This law formally identifies VASPs as obliged entities for AML/CFT purposes. — source
- [aml] Exchange between virtual assets and fiat currencies. — source
- [aml] Exchange between one or more forms of virtual assets. — source
- [aml] Custody and/or administration of virtual assets or instruments enabling control over virtual assets. — source
Angola
- [aml] Lei n.º 5/20, de 27 de Janeiro – Lei sobre a Prevenção e Combate ao Branqueamento de Capitais, Financiamento do Terrorismo e Proliferação de Armas de Destruição em Massa (Law No. 5/20, of January 27 – Law on the Prevention and Combat of Money Laundering, Financing of Terrorism and Proliferation of Weapons of Mass Destruction). — source
- [aml] This law repealed and replaced the previous Law No. 3/14 of February 10, 2014. It aligns Angola's framework more closely with international FATF recommendations. — source
- [aml] While it doesn't specifically name "virtual asset service providers" or "cryptocurrency," it defines "reporting entities" (or "obliged entities") broadly to include financial institutions and designated non-financial businesses and professions (DNFBPs) that engage in activities susceptible to ML/FT. VASPs are typically brought under the scope of such laws either directly as financial institutions, as DNFBPs, or through subsequent regulatory directives from the central bank or financial intelligence unit. — source
- [aml] Individual Clients: Obtain and verify identity (full name, address, date of birth, nationality, unique identification number from official documents like passport or national ID card). — source
- [aml] Legal Entities/Companies: Obtain and verify legal name, registration number, address, articles of incorporation, details of beneficial owners (BOs) – identifying individuals who ultimately own or control more than a specified percentage (e.g., 25%) of the entity, senior managing officials, and proof of legal existence. — source
Antigua and Barbuda
- [aml] The Anti-Money Laundering and Countering the Financing of Terrorism Programs rule (2026) and FATF Guidance (2025) establish modern AML obligations including CDD, record-keeping, STR, and screening requirements for financial institutions and DNFBPs, which now explicitly extend to VASPs, superseding any 1996-era framework in AG. — source
- [aml] While a direct government online repository for the latest consolidated act is often elusive for smaller jurisdictions, the FSRC and CFATF reports frequently reference it. — source
- [aml] Reference: FSRC Antigua and Barbuda (Official website, check under Legislation/Publications for relevant acts and guidance). — source
- [aml] Terrorism (Prevention) Act, 2005 (as amended): This Act criminalizes terrorist financing and implements measures to prevent it, including the freezing of assets of designated terrorists and terrorist organizations, often linked to UN sanctions. — source
- [aml] Reference: Similar to the Money Laundering (Prevention) Act, this would be found through the FSRC or national legislative databases. — source
Argentina
- [aml] VASPs must conduct continuous, risk-based screening of customers, wallets, and transactions against OFAC SDN, EU/UN lists, and other relevant global and national sanctions lists (e.g., OFSI, Argentina's RePET). — source
- [aml] Report blocked assets to OFAC/UIF; no dealing with 50%+ owned entities or crypto from sanctioned sources (e.g., Blender.io, SUEX). — source
- [aml] Legal basis: Law 25,246 (AML), UIF Resolution 242/2023 (and modifications) for VASPs; RePET under National Law 26,268. — source
- [aml] OFAC: Civil fines up to $1M+ per violation, criminal up to 30 years/$1M; strict liability. — source
- [aml] Argentina: UIF fines up to ~ARS 13.5M (~$13.5K USD equivalent, adjusted; 35% increase), license revocation, criminal charges under Penal Code Arts. 303-309 for terrorism financing. — source
Armenia
- [aml] Law of the Republic of Armenia on Combating Money Laundering and Terrorist Financing (ՀՀ օրենքը «Փողերի լվացման և ահաբեկչության ֆինանսավորման դեմ պայքարի մասին»): This is the primary legislation. It mandates financial institutions, including VASPs, to implement robust AML/CFT measures, which inherently include sanctions screening. — source
- [aml] Specifics: This law, originally adopted in 2004, has undergone several amendments. Crucially, amendments in 2022 specifically brought virtual asset service providers (VASPs) within the scope of obligated entities. This means VASPs are now subject to the same AML/CFT obligations as traditional financial institutions. — source
- [aml] These amendments align Armenia with FATF Recommendation 15 on new technologies, which requires countries to regulate and supervise VASPs for AML/CFT purposes. The Travel Rule application to VASPs has been clarified as distinct from the core Recommendation 15 VASP regulatory requirements. — source
- [aml] Regulations and Decisions of the Central Bank of Armenia (CBA): The CBA issues specific rules and guidelines that obligated entities, including VASPs, must follow to comply with the AML/CFT Law. These provide practical guidance on implementing customer due diligence, suspicious transaction reporting, and record-keeping. — source
- [aml] Under Armenia’s Law on Crypto-Assets (HO-159-N), the Central Bank of Armenia (CBA) issues mandatory licensing and AML/CFT requirements for VASPs/CASPs, including comprehensive internal rules and procedures, moving beyond mere sub-legal acts to statutory obligations. — source
Australia
- [aml] Enrolment and registration forms are available at https://www.austrac.gov.au/new-enrolment-and-registration-forms-austrac-online, valid only until 29 July 2026. — source
- [aml] The requirement for VASP enrolment and registration in Australia expired on 29 July 2026, making the original claim outdated. — source
- [aml] AUSTRAC now requires enrolment and updates to be completed through AUSTRAC Online, effective 1 July 2023; the generic guidance page no longer provides direct enrolment steps. — source
- [aml] The page at https://www.austrac.gov.au/new-austrac/enrol-or-register no longer exists; enrolment information is now available at the AUSTRAC ‘Enrol with us’ pages. — source
- [aml] Digital currency exchanges (DCEs) and virtual asset service providers (VASPs) must enrol with AUSTRAC as reporting entities providing designated services under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006. AUSTRAC QRG: Transitioning from DCE to VASPAUSTRAC: Register as remittance or VASP — source
Austria
- [aml] VASP Registration: There is no dedicated "custody license" per se. Instead, entities providing custody of virtual assets are classified as Virtual Asset Service Providers (VASPs) and are required to register with the Austrian Financial Market Authority (FMA). — source
- [aml] Scope: The FM-GwG defines "providers of services related to virtual currencies" to include "the safekeeping of virtual currencies for third parties" (i.e., custody). — source
- [aml] Fit and Proper Management: Key persons involved in the management must demonstrate their suitability and reliability. — source
- [aml] Robust AML/KYC Framework: Implementation of comprehensive policies and procedures for customer due diligence (KYC), transaction monitoring, risk management, and reporting of suspicious activities to the Financial Intelligence Unit (FIU). — source
- [aml] Internal Controls: Establishment of internal controls and risk management systems to prevent money laundering and terrorist financing. — source
Azerbaijan
- [enforcement] Financial Monitoring Service (FMS): Responsible for AML/CFT oversight and financial intelligence. — source
- [enforcement] Ministry of Internal Affairs (MIA): For criminal investigations, including cybercrime and financial fraud. — source
- [enforcement] Central Bank of Azerbaijan (CBAR): Regulates traditional financial institutions and payment systems, but direct crypto regulation is still being formalized. — source
- [enforcement] Entity Targeted: Individuals or groups operating alleged fraudulent schemes (e.g., Ponzi schemes, pyramid schemes) using cryptocurrencies as an investment vehicle or payment method. Violation Type: Fraud, swindling, operating illegal financial schemes, potentially money laundering. Penalty Amount: This is not a "fine." Instead, it involves arrests, criminal investigations, pre-trial detention, potential prosecution leading to imprisonment, and asset forfeiture. Specific "penalty amounts" as regulatory fines are not applicable here. — source
- [enforcement] Date: Ongoing throughout the period. Reports of such arrests and investigations appear periodically in local media. — source
Bahamas
- [general] Security tokens: Digital tokens mirroring SIA securities, such as those entitling holders to profits, revenues, assets, or distributions from issuers/pools. — source
- [general] Asset tokens: Claims against issuers backed by real-world assets, deriving value from underlyings (secured, collateralized, or stability-focused); often securities if investment-like. — source
- [general] Investment tokens: Designed for returns, even with utility features; mixed-purpose tokens require case-by-case review. — source
- [general] Under the Digital Assets and Registered Exchanges (DARE) Act, 2020, as updated in 2024, categories such as utility tokens, virtual currency tokens, and non-exchangeable tokens are defined and regulated within the DARE framework, not merely excluded under the Payment Systems Act, 2012, or the Securities Industry Act. — source
- [general] The Bahamas introduced the DARE Act, 2024, which updated and expanded upon the original DARE Act 2020. — source
Bahrain
- [aml] Bahraini law and Central Bank of Bahrain (CBB) regulations require financial institutions, including VASPs, to comply with UN Security Council sanctions and with Bahrain’s own AML/CFT and terrorism‑financing measures, which include domestic designations and restrictions. This framework obliges institutions to freeze assets and prohibit transactions involving individuals and entities designated under applicable UN resolutions and corresponding Bahraini laws, ministerial orders, and CBB directives, not just UN lists alone. — source
- [aml] Under the Central Bank of Bahrain Rulebook, Volume 6 (Capital Markets), the relevant sanctions/terrorism‑financing obligation is contained in Module AML: Anti‑Money Laundering & Combating of Financial Crime, not in a separate Module FC. The Module AML imposes requirements on Capital Market Service Providers to implement effective AML/CFT measures in line with FATF recommendations, including compliance with applicable UN Security Council resolutions on terrorism, proliferation, and related asset freezing; however, there is no Section FC‑1.1.1 (UN Sanctions) in a Volume 6 'Module FC (Financial Crime)' as cited. — source
- [aml] Bahrain's crypto-asset rules are set out in the CBB Rulebook Volume 6, but the specific scope of the Crypto-assets Module has been amended by Resolution No. 54 of 2023, which expanded coverage to include all offers of digital tokens exhibiting characteristics of securities; the module remains part of Volume 6 but is no longer accurately described as the static reference from the original claim. — source
- [aml] OFAC (the U.S. Department of the Treasury’s Office of Foreign Assets Control) and the European Union each operate their own, separate sanctions regimes; there is no dedicated OFAC sanctions program targeting Bosnia and Herzegovina, and EU sanctions are adopted and enforced under EU law rather than by OFAC. — source
- [aml] While Bahraini law does not directly mandate compliance with OFAC or EU sanctions for entities purely operating within Bahrain and not involving US or EU persons/funds, in practice, due to the global nature of financial services and cryptocurrencies, most VASPs operating internationally or dealing with international partners will screen against these lists. — source
Bangladesh
- [aml] General warnings and circulars issued by the Bangladesh Bank (BB) reiterating the illegality and risks. — source
- [aml] Criminal investigations into cryptocurrency-related fraud and illegal remittance schemes are active in Bangladesh, but there is insufficient recent evidence to confirm significant arrests of individuals involved. — source
- [aml] Regulator Name: Bangladesh Bank (BB) — source
- [aml] Entity Targeted: General public, financial institutions, and implicitly, anyone involved in cryptocurrency. — source
- [aml] Violation Type: Engaging in cryptocurrency transactions, which is considered illegal under existing foreign exchange regulations (Foreign Exchange Regulation Act, 1947) and anti-money laundering laws (Money Laundering Prevention Act, 2012). BB states crypto carries high risks of money laundering, terror financing, and capital flight. — source
Barbados
- [aml] Virtual Asset Business Act, 2022 (VABA, 2022): This is the cornerstone legislation specifically designed to regulate VASPs in Barbados. It provides for the registration, licensing, supervision, and regulation of virtual asset businesses, bringing them squarely under the AML/CFT regime. It aligns Barbados's regulatory framework with FATF Recommendation 15 on new technologies. — source
- [aml] Money Laundering and Financing of Terrorism (Prevention and Control) Act, 2011-23 (as amended) is Barbados's overarching AML/CFT legislation. Other sectoral statutes, including the Virtual Asset Service Providers regime (VABA), require covered entities to comply with the AML/CFT obligations set out in this Act for financial institutions and designated non‑financial businesses and professions (DNFBPs). — source
- [aml] Anti-Terrorism Act (ATA), Chapter 151: This Act provides the legal basis for combating the financing of terrorism and is integral to the broader CFT framework that VASPs must adhere to. — source
- [aml] Proliferation Financing (Prevention) Act, 2019: Addresses financing for weapons of mass destruction, further strengthening the CFT regime. — source
- [aml] The Financial Services Commission (FSC) is currently undertaking a major regulatory overhaul of its financial services legislation, which is superseding or replacing previous guidelines, directives, and prudential statements related to VASPs under the VABA and PMLFTA. — source
Belarus
- [aml] Decree of the President of the Republic of Belarus No. 8 "On the Development of the Digital Economy" dated December 21, 2017 (as amended): This foundational decree legalizes and regulates activities involving digital tokens (cryptocurrencies) for Hi-Tech Park residents, including exchanges, initial coin offerings (ICOs), and other related services. It explicitly mandates that HTP residents engaged in these activities must comply with AML/CFT legislation. — source
- [aml] Law of the Republic of Belarus No. 165-Z "On Measures for Preventing the Legalization of Proceeds from Crime, Financing of Terrorist Activities and Financing the Proliferation of Weapons of Mass Destruction" dated June 30, 2014 (as amended): This is the overarching national AML/CFT law that applies to all financial institutions and designated non-financial businesses and professions (DNFBPs) in Belarus, including those operating under Decree No. 8 when conducting financial operations involving virtual assets. It outlines the general principles and specific obligations for AML/CFT compliance. — source
- [aml] Regulations and Rules issued by the Hi-Tech Park Administration: The HTP Administration, as the direct regulator of crypto activities, issues specific rules and instructions that elaborate on the AML/CFT requirements for its residents, ensuring compliance with both Decree No. 8 and the general AML law. These typically align with FATF recommendations. — source
- [aml] For Individuals: Obtaining and verifying name, date of birth, place of residence, citizenship, passport details (series, number, date of issue, issuing authority), and sometimes tax ID number. Verification must be based on reliable, independent source documents or data. — source
- [aml] For Legal Entities: Obtaining and verifying legal name, registration number, legal form, address of incorporation, proof of existence, details of directors/managers, and beneficial ownership information. — source
Belgium
- [aml] Partial, Moving Towards Comprehensive: Before MiCA, Belgium's approach was characterized by specific AML/CFT regulations for certain crypto service providers, consumer warnings, and a general "wait and see" stance for broader market regulation. With MiCA's staggered implementation (July 2024 for stablecoins, December 2024 for other crypto-assets), Belgium is in the process of fully integrating a comprehensive regulatory framework for crypto-asset issuance, trading, and services. — source
- [aml] Focus Areas: AML/CFT, consumer protection, market integrity, and financial stability. — source
- [aml] EU Harmonization: Belgium, as an EU member state, is directly impacted by and actively transposing/implementing EU regulations. — source
- [aml] The NBB shares AML/CFT supervision of crypto-asset service providers with the ECB under the AMLA framework (2025), with the ECB now holding primary prudential oversight of significant crypto firms, while the NBB retains registration and AML/CFT responsibilities for smaller/non-significant providers. — source
- [aml] Role: Responsible for supervising financial markets and ensuring fair and honest treatment of consumers. The FSMA issues warnings about crypto-related risks (volatility, scams), and provides guidance on whether specific crypto-assets might fall under existing financial legislation (e.g., securities law). Post-MiCA, the FSMA is expected to play a significant role in supervising entities licensed under the new framework, particularly regarding market conduct and consumer protection. — source
Belize
- [aml] International Financial Services Commission (IFSC) Belize: This is the primary regulator for VASPs. Their website often contains guidance and information on regulated entities. — source
- [aml] The Financial Services Commission (FSC), formerly the IFSC, is responsible for issuing licenses, setting regulatory standards, and overseeing compliance for entities offering international financial services, including virtual asset services. — source
- [aml] Financial Intelligence Unit (FIU) of Belize — source
- [aml] Role: The FIU is the central national agency responsible for receiving, analyzing, and disseminating suspicious transaction reports (STRs) to law enforcement agencies. — source
- [aml] Virtual Asset Services Act, 2023 (VASA) — source
Benin
- [aml] Benin's AML/CFT cornerstone is Loi n° 2024-01 du 20 fevrier 2024 relative a la lutte contre le blanchiment de capitaux, le financement du terrorisme et de la proliferation des armes de destruction massive, which transposes the UMOA uniform law of 31 March 2023. It replaced Loi n° 2018-17 du 25 juillet 2018, itself amended by Loi n° 2020-25 du 02 septembre 2020. No Beninese AML/CFT statute numbered 'Loi n° 2011-06' could be located, so the premise of the record is itself unsound. — source
- [aml] Directive n° 02/2015/CM/UEMOA du 2 juillet 2015 has been superseded, not merely 'complemented', by the UMOA Loi uniforme LBC/FT/FP du 31 mars 2023. That uniform law - not any 2015 decision - is the current regional reference, and Benin transposed it by Loi n° 2024-01 du 20 fevrier 2024. UEMOA/UMOA instruments are not directly applicable: each state must transpose. — source
- [aml] Decret n° 2025-678 du 29 octobre 2025 exists and does set the conditions for establishing personal identification documents and dispenses six of them (CIP, CIP afro-descendants, CIP etranger, CNI biometrique, passeport ordinaire biometrique, carte de resident) from mandatory legalisation/certification, with validity periods of 5 / 3 / 6 years. However it is a civil-identification instrument (RNPP / etat civil), not an AML/CFT instrument: Benin's AML identification and verification obligations remain those of Loi n° 2024-01 du 20 fevrier 2024, notably article 17 (verification from reliable and independent sources). — source
- [aml] Article 17 of Loi n° 2024-01 du 20 fevrier 2024 requires reporting entities to identify the customer and to verify identity by means of documents, data or information from reliable and INDEPENDENT sources. Customer self-certification does not satisfy verification. The risk-based approach modulates the extent of measures, not the requirement of an independent source. The only material carve-out identified by GIABA is article 86 (certain online payment transactions where the account is held in Benin, another WAEMU state, or an equivalent third country). — source
- [aml] Identification of legal-entity customers and of their beneficial owners is required under Loi n° 2024-01 du 20 fevrier 2024. The statement that beneficial ownership is not obtainable through ordinary company searches is now out of date: Benin established a beneficial ownership registry by Decret n° 2024-917 du 24 avril 2024. — source
Bermuda
- [aml] Bermuda has established a comprehensive and progressive regulatory framework for digital assets, making crypto legal and regulated within its jurisdiction, overseen primarily by the Bermuda Monetary Authority (BMA). Hanford Site Near-Facility Environmental Monitoring Data Report for Calendar Year 1998 — source
- [aml] The BMA is the sole financial services regulator in Bermuda and administers the Digital Asset Business Act 2018, which creates a tailored licensing regime for crypto businesses. Life-Cycle Cost and Risk Analysis of Alternative Configurations for Shipping Low-Level Radioactive Waste to the Nevada Test Site — source
- [aml] Licenses under the Digital Asset Business Act 2018 are available in multiple classes (Class T, F, M, and S), and the BMA has actively licensed several entities since the regime's inception. Link to loc.gov — source
- [aml] AML obligations are aligned with FATF standards, requiring full CDD, EDD for higher-risk relationships, ongoing transaction monitoring, and mandatory STR filings to the Financial Intelligence Agency (FIA). Anti-money laundering registration - GOV.UK — source
- [aml] The practical reality is that Bermuda offers a credible and functioning licensing pathway for digital asset businesses, with a demonstrable track record of issued licenses and an active compliance and enforcement posture by the BMA. Federal Register of Legislation Home Page — source
Bhutan
- [aml] Anti-Money Laundering and Countering Financing of Terrorism Act of Bhutan (AMLCFT Act) 2018: This is the cornerstone legislation for AML/CFT in Bhutan. While it may not explicitly name "cryptocurrency" or "virtual assets" in all its provisions, its broad definitions and regulatory scope are intended to cover evolving financial instruments and services that fall under the FATF's purview. — source
- [aml] Financial Institutions Act of Bhutan 1999 (and subsequent amendments): This act governs financial institutions, and VASPs, if defined as financial institutions or subject to similar obligations, would fall under its regulatory ambit. — source
- [aml] Royal Monetary Authority Act of Bhutan 1982: Establishes the RMA as the central bank and financial regulator. — source
- [aml] FATF Recommendations: Bhutan is expected to comply with the FATF's standards, particularly Recommendation 15, which states that countries should regulate VASPs for AML/CFT purposes, license or register them, and subject them to effective systems for monitoring and ensuring compliance. This includes requirements for customer due diligence (CDD), record-keeping, and suspicious transaction reporting (STR). — source
- [aml] Obligation: All financial institutions and entities operating within Bhutan, including any VASPs (even if not explicitly licensed as such, they are expected to adhere to these principles), must comply with UN sanctions. This means they cannot deal with individuals, entities, or groups designated on the UNSC Consolidated List. — source
Bolivia
- [aml] Regulatory Bodies: The Financial Intelligence Unit (UIF) within the Ministry of Economy and Public Finance is tasked with monitoring and enforcing AML/CFT measures. Bolivia is also a member of GAFILAT, a FATF-style regional body that supports countries in implementing effective AML/CFT regimes. — source
- [aml] Primary Laws: Bolivia’s AML/CFT framework is largely derived from FATF Recommendations and local decrees. Supreme Decree 1533 (April 2013) outlines asset freezing procedures, while Supreme Decree 910 (May 2014) transferred UIF control to the Ministry of Economy and Public Finance. — source
- [aml] International Standing: Bolivia is listed on the FATF’s “jurisdictions under increased monitoring” list as of June 2025, indicating strategic AML deficiencies that require enhanced oversight and compliance measures. — source
- [aml] Entities Requiring License: No specific license is mandated solely for cryptocurrency exchanges or digital asset service providers. However, entities engaging in money transmission, exchange houses, and other financial activities may be subject to general licensing under Bolivia’s Financial Services Law. — source
- [aml] Licensing Requirements for Professional Services — source
Bosnia and Herzegovina
- [aml] Zakon o sprečavanju pranja novca i finansiranja terorističkih aktivnosti (Law on Prevention of Money Laundering and Financing of Terrorist Activities) – Official Gazette of BiH, No. 13/2024. — source
- [aml] Crucial Amendment: The latest significant amendments, particularly those published in Official Gazette of BiH, No. 13/20 (Law on Amendments to the Law on Prevention of Money Laundering and Financing of Terrorism), explicitly brought Virtual Asset Service Providers (VASPs) under the scope of obliged entities. This amendment defined virtual assets and established obligations for entities dealing with them. — source
- [aml] Exchange between virtual assets and fiat currencies. — source
- [aml] Exchange between one or more forms of virtual assets. — source
- [aml] Safekeeping and/or administration of virtual assets or instruments enabling control over virtual assets. — source
Botswana
- [aml] Botswana's proceeds-of-crime statute is the Proceeds and Instruments of Crime Act, Chapter 08:03, as amended by Act No. 28 of 2014 and Act No. 8 of 2018; the Proceeds of Serious Crime Act occupied that same Chapter 08:03 before repeal and no Chapter 08:06 exists, while money-laundering reporting and confiscation-support duties for virtual asset service providers run through the Financial Intelligence Act, 2022 (Act No. 2 of 2022). — source
- [aml] Botswana's operative anti-money-laundering statute is the Financial Intelligence Act, 2022 (Act No. 2 of 2022, Chapter 08:07), assented and commenced on 25 February 2022 and amended by the Financial Intelligence (Amendment) Act, 2025 (Act No. 1 of 2025); it repealed the Financial Intelligence Act, 2019, which was Act No. 11 of 2019 and not No. 17, and it binds virtual asset service providers as 'specified parties' with customer due diligence under sections 16 and 20 and twenty-year record keeping under section 32. — source
- [aml] AML/CFT guidance for Botswana virtual asset service providers is issued by NBFIRA under section 49(1)(c) of the Financial Intelligence Act, 2022, which requires supervisory authorities to establish and issue guidance notes in consultation with the Financial Intelligence Agency; the operative instrument is NBFIRA's guidance note 'Implementing AML/CFT Programmes' for non-bank financial institutions conducting virtual assets business, dated 10 March 2025. — source
- [aml] NBFIRA is the designated Regulatory Authority for virtual asset service providers in Botswana under the Virtual Assets Act, and its constitutive statute is now the Non-Bank Financial Institutions Regulatory Authority Act, 2023 (Act No. 21 of 2023), which commenced on 15 January 2024 and replaced the 2006 Act published as Act No. 2 of 2007. — source
- [aml] NBFIRA's AML/CFT guidance for virtual assets business is the guidance note 'Implementing AML/CFT Programmes', dated 10 March 2025 and issued under section 49(1)(c) of the Financial Intelligence Act, 2022 and section 4(1)(c) of the Virtual Assets Act, 2025; no NBFIRA virtual-asset AML/CFT guidance note bearing a November 2022 date is published. — source
Brazil
- [aml] Cryptocurrency and virtual asset activities are legal in Brazil, with a comprehensive regulatory framework established under Law No. 14,478 of 2022, which amended the existing anti-money laundering law (Law No. 9,613 of 1998) to explicitly include virtual assets within its scope L9613. — source
- [aml] The Central Bank of Brazil (Banco Central do Brasil) is designated as the primary regulator for virtual asset service providers, with the Brazilian Securities and Exchange Commission (CVM) also exercising authority over digital assets that qualify as securities Banco Central do Brasil and the Securities and Exchange Commission.... — source
- [aml] The Financial Activities Control Council (COAF) remains the financial intelligence unit responsible for receiving and analyzing suspicious transaction reports, with virtual asset service providers now subject to its reporting requirements L9613. — source
- [aml] Licensing requirements are being implemented, with virtual asset service providers required to obtain authorization from the Central Bank of Brazil; as of 2025-2026, the regulatory framework is transitioning toward formal licensing, though operational specifics continue to be developed Banco Central do Brasil and the Securities and Exchange Commission.... — source
- [aml] The practical reality is that Brazil has moved from an unregulated market to a structured regulatory environment, but implementation gaps remain as the Central Bank finalizes its licensing procedures and compliance expectations for the virtual asset industry Regulation. — source
British Virgin Islands
- [aml] UN and UK sanctions (extended to BVI) directly apply to BVI-incorporated bodies, residents, and relevant businesses like VASPs, requiring risk-based policies to screen customers against UN, UK, and extended EU lists. — source
- [aml] EU sanctions are not directly applicable but influence BVI via UK Sanctions Orders; BVI Financial Services Commission (FSC) mandates mechanisms to assess sanctions exposure. — source
- [aml] OFAC sanctions lack legal force in BVI but are practically required for VASPs with US exposure, including blocking virtual currencies linked to OFAC's Specially Designated Nationals (SDN) list, prohibiting unauthorized transactions, and reporting within 10 business days. — source
- [aml] VASPs and relevant persons screen applicants, customers, and relationships against active Sanctions Orders listed on BVI FIA and FSC websites. — source
- [aml] Upon identifying designated persons/assets: file reports with the Sanctions Unit (via Governor's Office), submit Suspicious Activity Reports (SARs) to FIA under the Counter-Terrorism Act, 2021, and freeze assets. — source
Brunei
- [aml] Anti-Money Laundering and Anti-Terrorism Financing Act (AMLAFTA), 2010 (as amended): This is the cornerstone legislation. It imposes obligations on financial institutions (which, by definition or interpretation, would include VASPs once formally regulated or under general AML/CFT principles) to: — source
- [aml] Conduct customer due diligence (CDD) and know-your-customer (KYC) procedures. — source
- [aml] Monitor transactions for suspicious activities. — source
- [aml] Report suspicious transactions (STRs) to the Financial Intelligence Unit (FIU) within the Autoriti Monetari Brunei Darussalam (AMBD). — source
- [aml] Implement internal controls, policies, and training programs. — source
Bulgaria
- [aml] While MAMLA historically served as the primary domestic AML/CFT law for VASPs in Bulgaria, the current regulatory framework is transitioning to the EU's MiCA regime. The 'Bulgarian MiCA Act' is being introduced as the new governing law, and VASPs/CASPs now face dual compliance obligations under both MiCA and MAMLA-derived AML/CFT rules (such as CDD), though MAMLA no longer solely dictates the requirements and penalties for VASPs. — source
- [aml] This act defines "virtual assets" and "virtual asset service providers" and brings them within the scope of obliged entities. It outlines the specific requirements for customer due diligence, reporting, and record-keeping. — source
- [aml] Exchange between virtual assets and fiat currencies. — source
- [aml] Exchange between one or more forms of virtual assets. — source
- [aml] Safekeeping and/or administration of virtual assets or instruments enabling control over virtual assets. — source
Burkina Faso
- [aml] No 'Loi n° 024-2016/AN du 20 mai 2016' exists. Burkina Faso's 2016 AML/CFT statute is Loi n° 016-2016/AN du 3 mai 2016 relative à la lutte contre le blanchiment de capitaux et le financement du terrorisme (cited throughout the 2023 GIABA follow-up report), and it transposed UEMOA Directive n° 02/2015/CM/UEMOA rather than FATF/GIABA recommendations directly. That regime has since been replaced: Loi n° 046-2024/ALT du 30 décembre 2024 transposes the UMOA loi uniforme LBC/FT/FP of 31 March 2023 and covers virtual assets expressly, so VASP coverage no longer depends on interpreting 'financial institution' — art. 2 point 2 defines 'actif virtuel', art. 2 point 51 defines 'prestataire de services d'actifs virtuels (PSAV)', art. 3 makes PSAV assujettis, and art. 58 forbids professional PSAV activity without prior agrément or autorisation from the competent authority (no such authority has yet been designated in Burkina Faso). — source
- [aml] AML-related identification and verification of identity generally requires collecting and verifying key personal data (such as full name, date of birth, and address) and confirming it through reliable sources, which may include a single government‑issued photo ID or a mix of documentary and electronic methods; a rigid requirement for two physical forms of identification is not a universal or current standard. — source
- [aml] For natural persons in the US: Full name, date of birth, place of birth, address, nationality, and official identification document number(s) from reliable, independent sources (such as state-issued driver's license, passport, or Social Security number). Verification must use reliable, independent source documents. Note: The US has no national ID card; verification relies on a decentralized system of state and federal documents. Validity period requirements vary by document type and regulatory context. — source
- [aml] For legal entities: Name, legal form, address (registered office and current operational address if different), registered office, official registration number, constitutional documents (e.g., articles of incorporation, bylaws, memorandum and articles of association), and identification of individuals authorized to act on behalf of the entity. — source
- [aml] Beneficial Ownership Identification: Identify and take reasonable measures to verify the identity of the beneficial owner(s) of the customer. This includes understanding the ownership and control structure of legal persons and arrangements. — source
Burundi
- [aml] Anti-Money Laundering (AML) and Know Your Customer (KYC) protocols will be enforced to prevent illicit financial activities. Exchanges must implement robust identity verification processes and monitor transactions for suspicious behavior. Trading, Asset Management & Corporate Finance — source
- [enforcement] Regulatory bodies in Burundi are prepared to impose fines and suspend operations of non-compliant entities. Enforceable actions aim to deter fraud and maintain market stability. How a deeper US-Burundi partnership could unlock ... — source
- [general] While Burundi has made recent progress by adopting a formal e-commerce regulatory framework, significant regulatory uncertainty remains due to inconsistent enforcement, limited institutional capacity, and political constraints affecting transparency across the broader regulatory landscape. — source
- [general] Technological Challenges: Implementing effective AML/KYC systems and ensuring secure transaction processing are technical hurdles that need addressing. Login - BIG — source
- [general] Burundi Launches First Securities Exchange — source
Cabo Verde
- [aml] Decree-Law No. 4/2020 of January 27, 2020 (Lei n.º 4/2020 de 27 de Janeiro) – Regime de Prevenção e Combate ao Branqueamento de Capitais e ao Financiamento do Terrorismo (AML/CFT Law). — source
- [aml] This law defines "virtual assets" and "Virtual Asset Service Providers (VASPs)" and subjects them to the same AML/CFT obligations as traditional financial institutions. — source
- [aml] It mandates customer due diligence (CDD), suspicious transaction reporting (STR), record-keeping, and compliance with international sanctions. — source
- [aml] Legal Reference: While a direct public URL for the Boletim Oficial can be challenging for older decrees, the law is officially published in Boletim Oficial n.º 4, I Série, de 27 de janeiro de 2020. The Banco de Cabo Verde (BCV) is the primary regulator and refers to this law. — source
- [aml] Reference Point (BCV Legal Framework): Banco de Cabo Verde – Quadro Legal (Portuguese). — source
Cambodia
- [aml] Prohibition on Issuance, Trading, and Use: In May 2018, the NBC, in collaboration with the Securities and Exchange Regulator of Cambodia (SERC) and the General-Commissariat of National Police, issued a joint public announcement prohibiting financial institutions and the public from buying, selling, or trading cryptocurrencies. — source
- [aml] Legal Reference: Joint Public Announcement on the Management of Digital Currency (May 2018) by the National Bank of Cambodia, Securities and Exchange Commission of Cambodia, and the General-Commissariat of National Police. (Direct English URL often difficult to find; commonly cited as "Joint Announcement on Digital Currency, 2018"). — source
- [aml] A summary is often found on the NBC's press releases or official statements section, for example: National Bank of Cambodia - Press Release on Digital Currency (though this is more a general warning, the joint announcement is the key document). — source
- [aml] Direct Obligation: Cambodia is a UN member state and is legally bound to implement sanctions imposed by the UN Security Council Resolutions (UNSCRs). This includes resolutions targeting terrorism financing, proliferation financing (e.g., related to WMDs), and specific individuals, entities, and regimes. — source
- [aml] Compliance for VASPs (Hypothetical): If a VASP were operating in or with Cambodia (even if unofficially or cross-border), it would be expected to screen against the UN Consolidated List. — source
Cameroon
- [aml] The substantive claim is right but the instrument identity is wrong. There is no "Regulation No. 02/CEMAC/UMAC/CM/22" and no 2022 CEMAC AML regulation. The instrument is Reglement n° 02/24/CEMAC/UMAC/CM, signed at Libreville on 20 December 2024 (CEMAC/UMAC Ministerial Committee, extraordinary session), effective on signature and abrogating all contrary provisions of Reglement n° 01/CEMAC/UMAC/CM du 11 avril 2016. It does define virtual assets - art. 2(72): "Digital representation of a value that can be digitally traded, transferred or used for payment or investment purposes... does not include digital representations of fiat currencies, securities and other financial assets already covered by specific regulatory provisions" - and defines prestataires de services d'actifs virtuels; art. 6(e) lists "virtual or digital asset service providers" among the assujettis, so VASPs carry the same AML/CFT obligations as financial institutions. It is a FATF-aligned revision (approved by GABAC Plenary Resolution No. 10 of 28 September 2024). The 2022 CEMAC instrument that touches digital assets is a different one: Reglement n° 01/22/CEMAC/UMAC/CM/COSUMAF du 21 juillet 2022 on the regional financial market. — source
- [aml] Loi n° 2016/007 du 12 juillet 2016 is Cameroon's Code Penal, not an AML/CFT law, and it did not create ANIF. Cameroon has no standalone national AML/CFT statute: the framework is the directly applicable CEMAC regulation - today Reglement n° 02/24/CEMAC/UMAC/CM du 20 decembre 2024, previously Reglement n° 01/CEMAC/UMAC/CM du 11 avril 2016 and before that Reglement n° 01/03-CEMAC-UMAC-CM du 4 avril 2003 - supplemented for supervised financial institutions by Reglement COBAC R-2023/01 on LBC/FT diligences (in force 1 July 2024). ANIF was created by Decret n° 2005/187 du 31 mai 2005 (organisation and functioning of the Agence Nationale d'Investigation Financiere), operational since January 2006 and attached to the Ministere des Finances; its regional legal basis is art. 25 of Reglement n° 01/03-CEMAC-UMAC-CM, which instituted an ANIF in every Central African state. — source
- [aml] COBAC (Commission Bancaire de l'Afrique Centrale) is correctly identified as the CEMAC banking supervisor, but it has not merely 'may eventually' addressed crypto - it acted first and most restrictively in the zone. Decision COBAC D-2022/071 du 6 mai 2022 bars COBAC-supervised entities (credit institutions, microfinance establishments, payment institutions and bureaux de change) from acquiring, holding, transferring or converting cryptocurrencies/crypto-assets for own account or for clients, from keeping accounts denominated in cryptocurrency and from carrying them on the balance sheet, and requires internal detection controls plus reporting of detected crypto operations to COBAC and BEAC. COBAC's AML rulebook is Reglement COBAC R-2023/01 on the LBC/FT diligences of assujettis (in force 1 July 2024). Also, VASP obligations in Cameroon do not flow from 'national AML laws' (there are none) but from the CEMAC regulation, Reglement n° 02/24/CEMAC/UMAC/CM, art. 6(e); and VASP/PSAN *licensing* is COSUMAF's competence, not COBAC's. — source
- [aml] Reporting Body: Reports must be made to the Agence Nationale d'Investigation Financière (ANIF), Cameroon's FIU. — source
- [aml] Immunity: VASPs and their employees are protected from civil or criminal liability for disclosing information in good faith to ANIF, even if they were unaware of the exact nature of the underlying criminal activity. — source
Canada
- [licensing] FINTRAC — AML/CFT, MSB registration, transaction reporting — source
- [licensing] FINTRAC is Canada's financial intelligence agency, not Canada's financial regulator for licensing. — source
- [licensing] Regulator: Royal Canadian Mounted Police (RCMP) Federal Policing – Eastern Region, in coordination with Sûreté du Québec and Canada Border Services Agency — source
- [licensing] FINTRAC MSB/FMSB Registration: Mandatory for any crypto business offering services to Canadian clients, including virtual currency dealing, exchanges, or transfers. MSBs apply for Canada-based entities (requiring a local office and staff); FMSBs for foreign entities serving Canadians remotely. Registration lasts 2 years and must be renewed. — source
- [licensing] Provincial Securities Registration: If crypto assets resemble investment contracts, platforms must register with provincial securities commissions (e.g., under Canadian Securities Administrators or CSA guidelines like 21-327, 21-402, 46-307) or comply with crypto-contract models. This applies to trading platforms (CTPs) involving securities/derivatives. — source
Cayman Islands
- [aml] Adopted and Effective Date: Adopted via the Anti-Money Laundering (Amendment) (No. 2) Regulations, 2020, with Part XA commencing on July 1, 2022. CIMA issued guidance requiring VASPs to submit compliance plans by March 31, 2022. — source
- [aml] Threshold Amounts: USD 0; applies to all virtual asset transfers, defined as any transaction on behalf of an originator to make virtual assets available to a beneficiary. — source
- [aml] VASPs Covered: All VASPs registered or applying for registration/licensing with the Cayman Islands Monetary Authority (CIMA), including obliged entities under the 2020 VASP Act (e.g., cryptocurrency exchanges, trading platforms, custodians). Covers transfers involving VASPs, other obliged entities, or non-obliged entities. — source
- [aml] Technical Implementation Requirements: VASPs must exchange specific originator and beneficiary data (e.g., identification, verification info) during transfers, maintain records for at least 5 years, and implement policies, procedures, and technological tools. Registrants submit compliance details to CIMA via email ([email protected]) or REEFS portal (APP 101-84 Schedule E). Aligns with FATF Recommendation 16 and 2021 FATF guidance on private wallets, NFTs, and DeFi. — source
- [aml] Penalties for Non-Compliance: Not explicitly detailed in available sources; general AMLR penalties apply for breaches, with CIMA supervisory enforcement. Registration is mandatory for VASPs. — source
Central African Republic
- [aml] No CEMAC instrument numbered 04/22/CM/UMAC/CM exists; the CEMAC text governing virtual asset service providers is Règlement n° 02/24/CEMAC/UMAC/CM of 20 December 2024 on the prevention and repression of money laundering, terrorist financing and proliferation financing, which defines actif virtuel and prestataire de services sur actifs virtuels at article 2 and lists PSAV among the assujettis at article 6. — source
- [aml] This regulation is further complemented by an instructional circular from the Banking Commission of Central Africa (COBAC), which is the primary supervisor for financial institutions in CEMAC: — source
- [aml] COBAC has issued no instruction numbered 001/GR/2023 and none dated 31 January 2023; COBAC numbers its instructions in the form Instruction COBAC I-YYYY/NN, its published register ends at Instruction COBAC I-2018/01, and its only virtual-asset instrument is Décision COBAC D-2022/071 of 6 May 2022 on the holding, use, exchange and conversion of cryptocurrencies by COBAC-supervised institutions. — source
- [aml] The CEMAC AML/CFT regulation covering virtual assets was adopted by the UMAC Ministerial Committee in extraordinary session at Libreville on 20 December 2024 as Règlement n° 02/24/CEMAC/UMAC/CM; no CEMAC regulation on virtual asset service providers was published on 21 December 2022. — source
- [aml] No COBAC implementing instruction on virtual assets took effect on 31 January 2023; the COBAC instruction register ends at Instruction COBAC I-2018/01 and contains no virtual-asset text, and the COBAC sectoral AML/CFT instrument is Règlement COBAC R-2023/01, in force 1 July 2024. — source
Chad
- [aml] BEAC has issued no virtual-asset instrument; the CEMAC restriction is Décision COBAC D-2022/071 du 6 mai 2022, which bars only COBAC-supervised institutions in Chad and the other member States from acquiring, holding, transferring or converting crypto-assets, while Règlement n° 01/22/CEMAC/UMAC/CM/COSUMAF du 21 juillet 2022 and the Règlement Général COSUMAF du 23 mai 2023 build a licensing regime for digital-asset service providers instead of a ban on private use or possession. — source
- [aml] Chad has enacted no national virtual-asset statute and needs none, because CEMAC règlements apply directly in member States: Règlement n° 02/24/CEMAC/UMAC/CM du 20 décembre 2024 lists virtual-asset service providers among assujettis at article 6(e), imposes a travel rule with a 500 000 FCFA occasional-transaction threshold at article 42 and ten-year record retention at article 39, and the Règlement Général COSUMAF du 23 mai 2023 defines PSAN and subjects them to COSUMAF agrément. — source
- [aml] Chad's AML/CFT obligations rest on directly applicable CEMAC règlements rather than on a national statute: Règlement n° 02/24/CEMAC/UMAC/CM du 20 décembre 2024 replaced Règlement n° 01/CEMAC/UMAC/CM du 11 avril 2016, and Chad's financial intelligence unit, the Agence Nationale d'Investigation Financière, was instituted by Décret n° 07-107 du 2 février 2007. Neither a Chadian Loi n° 004/PR/2020 nor a Loi n° 006/PR/2010 on money laundering appears in the GABAC 2023 mutual evaluation of Chad or in any legal register. — source
- [aml] Implementing Decrees: Various decrees further detail the application of the AML/CFT law. — source
- [aml] Chad is party to the 1988 Vienna Convention, the 2000 Palermo Convention and the 1999 International Convention for the Suppression of the Financing of Terrorism, and the 2023 GABAC mutual evaluation rates Chad Largely Compliant on Recommendation 36 on international instruments. — source
Chile
- [aml] Ley N° 19.913, que Crea la Unidad de Análisis Financiero y Modifica Diversas Disposiciones en Materia de Lavado y Blanqueo de Activos (Law N° 19.913, which Creates the Financial Analysis Unit and Modifies Various Provisions Regarding Asset Laundering and Blanqueo de Activos): This is the main AML/CFT law in Chile, establishing the UAF and defining the framework for preventing and prosecuting money laundering and terrorist financing. — source
- [aml] UAF Circular N° 57 (Circular N°57 de la UAF): This is the most crucial piece of regulation for VASPs. Issued by the UAF, Circular N° 57 (published in October 2020) explicitly designates "Providers of Virtual Asset Services" (PSAV) as obligated entities under Law N° 19.913. This means VASPs must comply with all AML/CFT obligations applicable to other financial institutions. — source
- [aml] Circular N° 49 de la UAF: Establishes general instructions on risk management and prevention of ML/FT for obligated entities, including policies, procedures, internal controls, and designated compliance officers. — source
- [aml] Circular N° 50 de la UAF: Provides instructions for identifying Politically Exposed Persons (PEPs). — source
- [aml] Circular N° 51 de la UAF: Establishes instructions regarding the detection and reporting of transactions related to terrorism financing and compliance with international sanctions lists. — source
China
- [aml] In September 2021, the People's Bank of China (PBOC) and nine other agencies issued the "Notice on Further Prevention and Control of Virtual Currency Trading Hype Risks" (Circular 237), classifying virtual currency-related business activities as illegal financial activities. This effectively bans all VASP operations, including exchanges, transfers, and custody services, with no licensing or AML compliance pathway available. — source
- [aml] China's Anti-Money Laundering Law, amended in 2024 (effective 2025), expanded AML obligations beyond traditional financial institutions to include non-financial sectors and certain traders, while the 2021 'Notice on Further Preventing and Dealing with the Risks of Virtual Currency Trading' continues to prohibit financial institutions and payment companies from providing services to virtual asset service providers and criminalizes related activities. — source
- [aml] No specific AML/KYC, CDD, or suspicious transaction reporting mandates exist for VASPs in China because such providers are illegal; instead, authorities enforce crackdowns via PBOC, Cyberspace Administration of China (CAC), and Ministry of Public Security. — source
- [aml] No search results provide China-specific VASP regulations post-2021 ban; any operations would violate national law, potentially leading to penalties under the Criminal Law of the People's Republic of China. — source
- [securities] The People's Republic of China has implemented a comprehensive regulatory framework governing cryptocurrencies and digital assets, primarily under the auspices of the China Securities Regulatory Commission (CSRC) and other financial authorities. — source
Colombia
- [aml] Identify, measure, control, and monitor the risks of money laundering and terrorist financing (ML/TF). — source
- [aml] Report suspicious transactions (SARs) to the UIAF. — source
- [aml] Conduct comprehensive customer due diligence (CDD), including identifying ultimate beneficial owners (UBOs) and politically exposed persons (PEPs). — source
- [aml] Implement policies, procedures, and internal controls to prevent ML/TF. — source
- [aml] Train personnel on AML/CFT obligations. — source
Comoros
- [aml] Yes, in principle, likely adopted as part of broader AML/CFT framework. Comoros is an ESAAMLG member and is committed to implementing the FATF Recommendations. The FATF updated its Recommendations (specifically Recommendation 15 and 16, which underpin the Travel Rule) in June 2019 to explicitly cover VAs and VASPs. — source
- [aml] Comoros enacted a new Anti-Money Laundering and Counter-Terrorist Financing Law (Law No. 19-026/AU) on December 26, 2019. This law is designed to align Comoros's AML/CFT framework with international standards, including FATF recommendations. It is highly probable that this law, or subsequent regulations under it, provides the legal basis for regulating VASPs and implementing the Travel Rule. — source
- [aml] Specific VASP-focused legislation and explicit Travel Rule mandates are harder to locate publicly. Many jurisdictions pass a general AML/CFT law first and then issue detailed implementing regulations for specific sectors (like VAs) later. — source
- [aml] The Anti-Money Laundering and Counter-Terrorist Financing Law No. 19-026/AU came into effect shortly after its promulgation in December 2019. This would be the general effective date for the overarching AML/CFT framework. — source
- [aml] The specific effective date for obligations pertaining directly to the Travel Rule for VASPs would depend on the issuance of any dedicated VASP regulations or guidance, which are not readily available in public records. — source
Congo
- [aml] The CEMAC AML/CFT instrument binding the Republic of the Congo is Règlement n° 02/24/CEMAC/UMAC/CM du 20 décembre 2024, which replaced Règlement n° 01/CEMAC/UMAC/CM du 11 avril 2016; no Règlement n° 01/18/CEMAC/UMAC/CM exists, and the 21 December 2018 CEMAC instruments are Règlement n° 02/18/CEMAC/UMAC/CM on exchange control and Règlement n° 04/18/CEMAC/UMAC/COBAC on payment services and electronic money. CEMAC règlements are directly applicable in Congo without national transposition. — source
- [aml] Specific Virtual Assets AML/CFT Instruction: — source
- [aml] No Instruction n° 001/GRT/2022 exists; BEAC numbers its instructions n° 00X/GR/YYYY and has issued no virtual-asset instrument. Virtual-asset obligations in the CEMAC zone, including the Republic of the Congo, rest on Décision COBAC D-2022/071 du 6 mai 2022, Règlement n° 01/22/CEMAC/UMAC/CM/COSUMAF du 21 juillet 2022, the Règlement Général de la COSUMAF du 23 mai 2023 and Règlement n° 02/24/CEMAC/UMAC/CM du 20 décembre 2024, whose article 6(e) makes virtual-asset service providers assujettis. — source
- [aml] The Republic of the Congo has adopted no national virtual-asset statute; exchange between virtual assets and legal tender is governed regionally, requiring a COSUMAF agrément as PSAN under the Règlement Général de la COSUMAF du 23 mai 2023 and prior agrément under article 42 of Règlement n° 02/24/CEMAC/UMAC/CM du 20 décembre 2024, while Décision COBAC D-2022/071 du 6 mai 2022 bars COBAC-supervised institutions from handling crypto-assets. — source
- [aml] Exchange between one or more forms of virtual assets. — source
Costa Rica
- [aml] Law No. 7786, "Law on Narcotics, Psychotropic Substances, Drugs of Unauthorized Use, Related Activities, Money Laundering and Financing of Terrorism" (Ley sobre Estupefacientes, Sustancias Psicotrópicas, Drogas de Uso No Autorizado, Actividades Conexas, Legitimación de Capitales y Financiamiento al Terrorismo), as amended. This is Costa Rica's foundational AML/CFT law. — source
- [aml] Law No. 10.363, "Law on the Regulation of Virtual Asset Service Providers" (Ley de Regulación de Proveedores de Servicios de Activos Virtuales). This law established the legal framework for VASPs, bringing them under Law 7786's AML/CFT scope. However, the operational AML/CFT obligations and registration mandate became enforceable only after SUGEF's implementing regulation (SUGEF 2-2024) came into effect on November 16, 2024. — source
- [aml] Regulations issued by SUGEF: While Law 10.363 sets the legal framework, the Superintendent General of Financial Entities (SUGEF) is responsible for developing specific regulations. The key implementing regulation, SUGEF 2-2024 ("Reglamento para la Inscripción y Supervisión de los Proveedores de Servicios de Activos Virtuales"), was issued and became effective on November 16, 2024. It details registration, CDD, transaction monitoring, STR, and record-keeping requirements for VASPs. — source
- [aml] Identification number (e.g., national ID card, passport number) — source
- [aml] Contact information (e.g., phone number, email address) — source
Cote d'Ivoire
- [aml] No Ivorian AML/CFT instrument numbered 'Ordonnance n° 2019-1089 du 18 décembre 2019' or 'Loi n° 2014-393 du 20 juin 2014' exists. Côte d'Ivoire's AML/CFT statutory chain is: Loi n° 2005-554 du 2 décembre 2005 → Loi n° 2016-992 du 14 novembre 2016 relative à la lutte contre le blanchiment des capitaux et le financement du terrorisme → Ordonnance n° 2023-875 du 23 novembre 2023 relative à la lutte contre le blanchiment de capitaux, le financement du terrorisme et de la prolifération des armes de destruction massive, which is Côte d'Ivoire's transposition of the UMOA Loi uniforme LBC/FT/FP du 31 mars 2023. — source
- [aml] Both instruments are non-existent, so nothing was 'modified and strengthened'. The core AML/CFT text for Côte d'Ivoire is now Ordonnance n° 2023-875 du 23 novembre 2023, which transposes the UMOA Loi uniforme du 31 mars 2023 and replaces Loi n° 2016-992 du 14 novembre 2016. Côte d'Ivoire is a GIABA member, not a FATF member; FATF standards reach it via the UMOA uniform law and GIABA follow-up. — source
- [aml] Under Ordonnance n° 2023-875 du 23 novembre 2023, PSAV (prestataires de services d'actifs virtuels) are named expressly: art. 2(2) defines 'actif virtuel', art. 2(51) defines PSAV — covering exchange virtual-asset/fiat, exchange between virtual assets, transfer, 'conservation et/ou administration d'actifs virtuels' and participation in issuer offers — and art. 3 lists PSAV alongside institutions financières and EPNFD (DNFBPs) as assujettis. VASPs are therefore explicitly named, not swept in by analogy. — source
- [aml] The 2002 UEMOA anti-money-laundering instrument no longer forms part of the applicable framework. The regional chain now runs: Directive n° 04/2007/CM/UEMOA du 4 juillet 2007 (financement du terrorisme) → Directive n° 02/2015/CM/UEMOA du 2 juillet 2015 → Loi uniforme LBC/FT/FP adoptée par le Conseil des Ministres de l'UMOA le 31 mars 2023, complétée par la Décision n° 021/CM/UMOA du 21 décembre 2023 et la Décision n° 003/CM/UMOA du 28 mars 2024 (seuils) et les Instructions BCEAO n° 001-03-2025 à 003-03-2025 du 18 mars 2025. In Côte d'Ivoire the applicable text is Ordonnance n° 2023-875 du 23 novembre 2023. — source
- [aml] Correct that the UEMOA/UMOA layer sets the framework and that member states must transpose it, but the mechanism is misstated: a UEMOA *règlement* is directly applicable and needs no transposition, whereas *directives* and the UMOA *loi uniforme* do. The current instrument is the Loi uniforme LBC/FT/FP adopted by the Conseil des Ministres de l'UMOA on 31 March 2023, which Côte d'Ivoire transposed by Ordonnance n° 2023-875 du 23 novembre 2023 (Senegal: Loi n° 2024-08; Benin: Loi n° 2024-01; Burkina Faso: Loi n° 046-2024/ALT). — source
Croatia
- [aml] There is no specific "custody license" in Croatia dedicated solely to crypto assets. — source
- [aml] VASPs are required to register with the Ministry of Finance – Financial Intelligence Office (Ured za sprječavanje pranja novca) as part of their AML/CTF obligations. — source
- [aml] This registration requires compliance with the Croatian Anti-Money Laundering and Terrorist Financing Act (Zakon o sprječavanju pranja novca i financiranja terorizma), which transposes EU AML Directives (specifically AMLD5). — source
- [aml] Implementing robust KYC/CDD (Know Your Customer/Customer Due Diligence) procedures. — source
Cuba
- [aml] Virtual asset regulation in Cuba is assessed by the Financial Action Task Force (FATF) and its FSRB, GAFILAT, with Recommendation 15 (new technologies, including virtual assets) currently rated Largely Compliant as of February 2024. Cuba's progress in strengthening measures against money laundering and terrorist financing — source
- [aml] Cuba underwent its last mutual evaluation in December 2015, and its most recent follow-up report was published in February 2024, with the next possible onsite assessment scheduled for May 2026. Cuba — source
- [aml] Cuba's assessment body is GAFILAT (Financial Action Task Force of Latin America), and the country is subject to ongoing FATF mutual evaluation procedures including follow-up reporting obligations. Cuba — source
- [aml] The country concluded its Fourth-Round follow-up process with the 2024 report, and the practical reality is that Cuba remains in an active supervisory dialogue with FATF and GAFILAT regarding its AML/CFT framework, including measures applicable to virtual assets. Cuba's progress in strengthening measures against money laundering and terrorist financing — source
- [aml] No specific Cuba-based virtual asset service provider licensing regime is detailed in the FATF/GAFILAT documentation, meaning businesses operate in a context of general AML/CFT supervision rather than a dedicated crypto-asset authorization framework. Cuba — source
Cyprus
- [aml] Cyprus Securities and Exchange Commission (CySEC) — source
- [aml] Role: The primary regulator responsible for supervising and registering Virtual Asset Service Providers (VASPs) under the AML/CTF framework. It ensures compliance with AML directives, assesses the fitness and propriety of VASP management, and oversees operational requirements. — source
- [aml] Unit for Combating Money Laundering (MOKAS) — source
- [aml] Role: Cyprus's Financial Intelligence Unit (FIU), responsible for receiving, analyzing, and disseminating suspicious transaction reports (STRs) and other information regarding potential money laundering and terrorist financing activities. While not a direct regulator of VASPs, it is central to the AML/CTF ecosystem. — source
- [aml] The Prevention and Suppression of Money Laundering and Terrorist Financing Law of 2007 (L. 188(I)/2007), as amended. — source
Czech Republic
- [aml] Regulator: The Financial Analytical Office (Finanční analytický úřad - FAU) is the primary AML/CTF supervisory authority. — source
- [aml] Legal Basis: Act No. 253/2008 Coll., on Selected Measures Against Legitimisation of Proceeds of Crime and Financing of Terrorism (AML Act). — source
- [aml] Specifically, Section 2(1)(l) defines providers of services relating to virtual assets as obliged entities. Section 4 provides for the registration obligation. — source
- [aml] Establishment and implementation of internal AML/CTF policies and procedures. — source
Democratic Republic of the Congo
- [aml] The Ministry of Finance (Ministère des Finances) is the central government body responsible for public finance management, economic and financial policy, state budget, public debt, taxes, and financial regulation in the DRC; it can be found at Ministère des Finances. — source
- [aml] The Ministry of Finance operates several "Régies Financières" (financial authorities), including the Direction Générale des Impôts (DGI) for tax collection, the Direction Générale des Douanes et Accises (DGDA) for customs and excise, and the Direction Générale des Recettes Administratives, Judiciaires, Domaniales et des Participations (DGRAD) for administrative, judicial, and property revenues, as listed on the Ministry's website at Régies Financières - Ministère des Finances. — source
- [aml] In Congo - Kinshasa, VASPs are now subject to the AML obligations defined by Law No. 04/016 (2004) and its amendment by Law No. 14/003 (2014), with a recent decree extending coverage to VASPs. — source
- [aml] The current Minister of Finance is Doudou Roussel FWAMBA LIKUNDE LI-BOTAYI, who holds degrees in Economic and Management Sciences and Public Finance, and has extensive experience in public finance reform, according to his biography at Ministre | Ministère des Finances. — source
- [aml] The DRC's admission to the Egmont Group was announced as expected July 2026 on the Ministry of Finance homepage at Accueil | Ministère des Finances; as of research date (June 2025), the Egmont Group member list does not yet include the DRC. — source
Denmark
- [aml] Lov om forebyggende foranstaltninger mod hvidvask og finansiering af terrorisme (hvidvaskloven) – The Money Laundering Act. — source
- [aml] This is the core Danish law that transposes the EU's 4th, 5th, and 6th Anti-Money Laundering Directives (AMLDs). — source
- [aml] The 5th AMLD (Directive (EU) 2018/843) was particularly significant for bringing virtual asset service providers under the scope of AML/CFT regulations, requiring them to register and comply with the same obligations as traditional financial institutions. — source
- [aml] The 6th AMLD (Directive (EU) 2018/1673) primarily harmonises the definition of money laundering offences and associated penalties across member states, indirectly strengthening the overall framework. — source
- [aml] Exchange between virtual currencies and fiat currencies. — source
Djibouti
- [aml] Banque Centrale de Djibouti (BCD): https://www.banque-centrale.dj/ (Official site - often contains publications, circulars, and legislation, though specific VASP guidance might require direct inquiry or might not be readily available in English.) — source
- [aml] Loi n° 171/AN/18/8ème L portant révision de la loi n° 202/AN/07/5ème L relative à la lutte contre le blanchiment d'argent, le financement du terrorisme et de la prolifération des armes de destruction massive (Law No. 171/AN/18/8th L revising Law No. 202/AN/07/5th L relating to the fight against money laundering, the financing of terrorism, and the proliferation of weapons of mass destruction). — source
- [aml] This is Djibouti's primary AML/CFT law. It mandates financial institutions and designated non-financial businesses and professions (DNFBPs) to implement various measures, including customer due diligence, suspicious transaction reporting, and sanctions screening. Although virtual asset service providers (VASPs) are not explicitly defined or licensed under this law, the spirit of FATF Recommendation 15 (which extends AML/CFT obligations to VASPs) implies that activities facilitating value transfer could fall under its scope, especially as Djibouti is a member of the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG), an FATF-style regional body. — source
- [aml] Reference: While an official government gazette URL is often difficult to find online for older laws, the law is widely referenced in FATF/ESAAMLG reports and legal databases. An example of reference can be found in the ESAAMLG Mutual Evaluation Report of Djibouti. — source
- [aml] Obligation: As a member state of the United Nations, Djibouti is legally bound to implement all resolutions passed by the UN Security Council (UNSC) under Chapter VII of the UN Charter. This includes sanctions regimes targeting individuals, entities, and regions involved in terrorism, proliferation of weapons of mass destruction, and other threats to international peace and security. — source
Dominica
- [aml] Money Laundering (Prevention) Act [Chapter 12:29]: This is the core legislation that sets out the framework for preventing money laundering and terrorist financing. It defines predicate offences, outlines the obligations of financial institutions and DNFBPs, and establishes the Financial Intelligence Unit (FIU). — source
- [aml] Money Laundering (Prevention) Regulations: These regulations provide more detailed rules and procedures for implementing the provisions of the Act, including specific requirements for customer due diligence, record-keeping, and reporting. — source
- [aml] Anti-Terrorism Act: This legislation addresses the prevention and suppression of the financing of terrorism and related activities. — source
- [aml] Role: The FSU is the primary regulatory and supervisory body in Dominica for non-bank financial institutions and designated non-financial businesses and professions (DNFBPs), which would include VASPs for AML/CFT purposes. It is responsible for overseeing compliance with AML/CFT legislation. — source
- [aml] Role: The FIU of Dominica is the central national authority responsible for receiving, analyzing, and disseminating suspicious transaction reports (STRs) and other financial information concerning suspected money laundering and terrorist financing to law enforcement agencies. — source
Dominican Republic
- [aml] The Dominican Republic is a UN member state with a dedicated Security Council page, and three historical UNSC resolutions concerning the country exist (e.g., from the 1960s), but there is no active, country-specific UNSC resolution currently imposing regulatory obligations on the Dominican Republic. — source
- [aml] The Dominican Republic is a member of the United Nations and, as such, is obligated to implement sanctions resolutions adopted by the UNSC. These resolutions target individuals, entities, and countries involved in terrorism, proliferation of weapons of mass destruction, and other threats to international peace and security. — source
- [aml] Compliance Requirement: Dominican entities, including VASPs, must freeze assets and prevent transactions with individuals and entities appearing on the UN Security Council Consolidated List. — source
- [aml] Legal Basis: This obligation is typically incorporated into national law, such as the Dominican Republic's AML/CFT framework. — source
- [aml] U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) Sanctions: — source
Ecuador
- [enforcement] Legal Basis: Resolution 014-2014-M (or its subsequent reiterations) issued by the Monetary and Financial Policy and Regulation Board (Junta de Política y Regulación Monetaria y Financiera) and implemented by the Central Bank of Ecuador (BCE). This resolution, dated July 28, 2014, effectively banned private cryptocurrencies, stating that they are not recognized as legal tender and cannot be used as a means of payment within the country. — source
- [licensing] Superintendencia de Compañías, Valores y Seguros (SCVS): The superintendency responsible for regulating companies, securities, and insurance. This body would classify tokens as securities. — source
- [licensing] Banco Central del Ecuador (BCE): The Central Bank, which has historically taken a very strict stance against cryptocurrencies being used as means of payment. — source
- [licensing] Investment (Inversión): A contribution of money or other assets. — source
- [licensing] Expectation of Profit (Expectativa de Beneficio Económico): The token holder anticipates financial gain, yield, or appreciation. — source
Egypt
- [aml] The Financial Regulatory Authority (FRA) — الهيئة العامة للرقابة المالية — is the main regulator for non-bank financial activities in Egypt, including capital markets, insurance, and non-bank financing, with its official website at fra.gov.eg (الهيئة العامة للرقابة المالية – نبني الجسور لا الحواجز). — source
- [aml] The FRA has an Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT) System webpage dedicated to combating money laundering and terrorist financing, indicating its role in AML oversight of non-bank financial entities (AML/CFT System – الهيئة العامة للرقابة المالية). — source
- [aml] The FRA publishes an Authority Legislative Portal with categories including "Anti-Money Laundering and Counter-Terrorist Financing Legislations," confirming it maintains AML/CFT legal instruments for entities under its supervision (Capital Market – الهيئة العامة للرقابة المالية). — source
- [aml] The FRA maintains FinTech Legislations as a separate legislative category within its portal, suggesting it is actively developing frameworks for financial technology activities (Knowledge Bank – الهيئة العامة للرقابة المالية). — source
- [aml] Egypt's legal framework for AML/CFT is anchored in laws and regulations administered and enforced by the FRA for non-bank financial activities, with a dedicated section on the FRA's website titled "منظومة مكافحة غسل الأموال وتمويل الإرهاب" (AML/CFT System) (AML/CFT System – الهيئة العامة للرقابة المالية). — source
El Salvador
- [aml] Ley Contra el Lavado de Dinero y de Activos (LCLDA) — source
- [aml] English Title: Law Against Money Laundering and Asset Forfeiture — source
- [aml] Purpose: This is the foundational AML/CFT law in El Salvador, applicable to a wide range of obliged entities. VASPs fall under its scope, requiring them to implement robust AML/CFT programs. — source
- [aml] Key Aspects: Defines money laundering and asset forfeiture offenses, establishes reporting obligations, and sets penalties. — source
- [aml] Purpose: Made Bitcoin legal tender in El Salvador. While primarily focused on the legal tender status and its integration into the economy, it implicitly brought entities dealing with Bitcoin into the regulatory fold of existing financial laws, including AML. — source
Equatorial Guinea
- [aml] The foundational CEMAC AML/CFT text is a UMAC Ministerial Committee règlement, not a UEAC directive: Règlement n° 01/03-CEMAC-UMAC of 4 April 2003, revised by Règlement n° 02/10 of 2 October 2010 and Règlement n° 01/16/CEMAC/UMAC/CM of 11 April 2016, and superseded by Règlement n° 02/24/CEMAC/UMAC/CM of 20 December 2024, which applies directly in Equatorial Guinea without national transposition. — source
- [aml] GABAC is the FATF-style regional body for CEMAC and rated Equatorial Guinea Non-Compliant on Recommendation 15 in its mutual evaluation report adopted on 22 November 2024; virtual assets are nonetheless codified regionally, since art. 2 of Règlement n° 02/24/CEMAC/UMAC/CM defines actif virtuel and PSAV and art. 6 makes virtual-asset service providers assujettis. — source
- [aml] Equatorial Guinea has no standalone national AML/CFT statute; the GABAC mutual evaluation adopted on 22 November 2024 records that the country relies entirely on the directly applicable CEMAC règlement, supplemented by the Criminal Code and the Code of Criminal Procedure, and no law numbered 4/2004 on money laundering appears in that report. — source
- [aml] Subsequent Decrees, Ordinances, or Circulars: There may be further national implementing texts or regulations issued by the Ministry of Finance or the Central Bank (BEAC) to clarify the application of AML/CFT laws to new sectors, including virtual assets. However, publicly available specific regulations for VASPs are scarce. — source
- [aml] For Individuals: Obtain and verify the customer's identity using reliable, independent source documents, data, or information (e.g., full name, date of birth, address, nationality, national ID number or passport details). — source
Eritrea
- [aml] Eritrea has implemented measures to combat money laundering (AML) and terrorist financing (CFT) as outlined in the Financial Action Task Force (FATF) Mutual Evaluation Report of 2025, indicating moderate progress but highlighting significant gaps that could be exploited by bad actors. Eritrea's measures to combat money laundering and ... — source
- [aml] The regulatory framework in Eritrea governs financial institutions and non-financial businesses, requiring them to implement AML/CFT measures aligned with international standards. However, the specific legal instruments directly addressing cryptocurrencies are notably absent or underdeveloped. Eritrea - State.gov — source
- [aml] Existing AML/CFT regulations mandate customer due diligence (CDD) for traditional financial transactions but lack explicit requirements for digital asset transactions, leaving a substantial regulatory blind spot. Eritrea's measures to combat money laundering and ... — source
- [aml] Enforcement mechanisms against AML/CFT violations are present but appear under-resourced, with limited capacity to investigate or prosecute cases involving digital assets. ESAAMLG's Mutual Evaluation Report finds Eritrea's AML/ ... — source
Estonia
- [aml] Estonia has implemented robust anti-money laundering (AML) and counter-terrorism financing (CFT) measures to regulate cryptocurrencies and digital assets, ensuring compliance with international standards. — source
- [aml] The Financial Intelligence Unit of Estonia is responsible for monitoring and enforcing AML/CFT regulations, but the specific claim that it currently collaborates with international bodies such as the FATF lacks supporting Estonian evidence. — source
- [aml] Virtual Asset Service Providers (VASPs) in Estonia must obtain a license from the Financial Transactions Reporting System (FTRS) to legally operate, ensuring they adhere to stringent AML/CFT protocols. — source
- [aml] VASPs are required to implement Know Your Customer (KYC) procedures, including identity verification and ongoing monitoring of transactions to detect suspicious activities. — source
- [aml] Non-compliance with AML/CFT regulations can result in significant penalties, including fines and potential criminal liability for individuals involved in sanctioned transactions. — source
Eswatini
- [aml] Finding relevant notices requires checking the CBE's official publications or press releases section. Specific direct links to crypto-specific warnings can be ephemeral but general stance is consistent. — source
- [aml] Central Bank of Eswatini Official Website: https://www.centralbank.org.sz/ — source
- [aml] Financial Services Regulatory Authority Official Website: https://www.fsra.org.sz/ — source
- [aml] Eswatini operates no virtual-asset licensing regime: neither the Central Bank of Eswatini nor the Financial Services Regulatory Authority licenses virtual asset service providers, and the only hook is AML-side, created by the Anti-Money Laundering, Counter-Financing of Terrorism and Counter-Proliferation Financing (Miscellaneous Amendments) Act 2024, which directs supervisory authorities to establish a framework to regulate VASPs and under which VASPs are treated as accountable institutions registering with the Eswatini Financial Intelligence Centre. — source
- [aml] Eswatini's primary AML/CFT statute is the Money Laundering and Financing of Terrorism (Prevention) Act, 2011 (Act 6 of 2011), as amended by Act 5 of 2016, whose section 19 establishes the financial intelligence body first named the Swaziland Financial Intelligence Unit and now operating as the Eswatini Financial Intelligence Centre; Eswatini has no Financial Intelligence Unit Act, the Prevention of Organised Crime Act 2018 deals with organised crime and confiscation rather than accountable-institution duties, and the 2011 Act as consolidated carries no definition of virtual assets, VASPs, cryptocurrency or digital currency. — source
Ethiopia
- [aml] Ethiopia does not have a specific legal framework regulating cryptocurrency or virtual assets as of 2025–2026; the National Bank of Ethiopia (NBE) maintains that the Birr is the only legal tender and has historically prohibited crypto transactions Ethiopia. — source
- [aml] The Financial Intelligence Service (FIS) is the designated AML/CFT authority in Ethiopia, operating under the national AML/CFT policy framework, but there is no dedicated licensing regime for virtual asset service providers (VASPs) national anti-money laundering. — source
- [aml] Ethiopia's AML/CFT framework is assessed by the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG), with the country remaining in enhanced follow-up due to outstanding deficiencies including those related to financial institution supervision Follow-Up Report to Ethiopia's assessment of anti-money laundering and counter-terrorist financing measures. — source
- [aml] No entity has been licensed to operate as a cryptocurrency exchange or VASP in Ethiopia; the practical reality is that crypto activity operates outside formal regulatory structures and carries legal risk under existing financial laws Ethiopia's measures to combat money laundering and terrorist financing. — source
- [aml] Businesses considering crypto operations in Ethiopia face significant uncertainty and risk, as there is neither a pathway to compliance nor a prohibition that would provide legal clarity; the absence of a VASP regime is a critical gap highlighted by international assessors Follow-Up Report to Ethiopia's assessment of anti-money laundering and counter-terrorist financing measures. — source
European Union
- [aml] European Banking Authority (EBA) – responsible for AML/CFT supervision in financial institutions across EU member states. — source
- [aml] European Union Agencies: Financial Stability, Supervision and Markets (ESM) and European Commission provide overarching guidance. — source
- [aml] Directive (EU) 2015/849 – established the Fifth Anti-Money Laundering Directive (5AMLD), extending AML obligations to virtual currency service providers. — source
- [aml] Status: In force since June 10, 2018; updated in 2023 with amendments relevant to digital assets. 1 — source
- [aml] Regulation (EU) No 596/2014 – defines the scope of AML obligations for virtual asset service providers (VASPs). — source
Fiji
- [aml] Financial Transactions Reporting Act 2004 (FTRA 2004): This is the foundational AML/CFT law in Fiji. It establishes the framework for reporting institutions, customer due diligence, suspicious transaction reporting, and the powers of the Financial Intelligence Unit (FIU). — source
- [aml] The Financial Transactions Reporting (Amendment) Act 2021 is superseded by the 2022 amendment, making it no longer the current regulatory reference for Fiji. — source
- [aml] Financial Transactions Reporting Regulations 2000 (and subsequent amendments): These regulations provide detailed rules and procedures for implementing the FTRA. — source
- [aml] Financial Intelligence Unit (FIU) Guidance Notes: The FIU frequently issues detailed guidance notes, circulars, and advisories for various sectors, including those that might cover virtual assets or designated non-financial businesses and professions (DNFBPs), to help them comply with their obligations. — source
- [aml] Individual Customers: Obtain and verify identity using reliable, independent sources (e.g., national ID cards, passports, driver's licenses). This includes full name, date of birth, residential address, and nationality. — source
Finland
- [aml] Providing services for exchanging virtual currency and fiat currency: This covers entities facilitating the purchase or sale of virtual currencies using traditional currencies (e.g., EUR, USD). — source
- [aml] Providing custodial wallet services: This refers to services where an entity holds, stores, or transfers virtual currencies or private cryptographic keys on behalf of customers. — source
- [aml] Exchanges: Both exchanges offering fiat-to-crypto and crypto-to-crypto trading services are clearly defined as "virtual currency providers" and require registration with the FIN-FSA. — source
- [aml] Custody Providers: Entities providing "custodial wallet services" are also explicitly defined as "virtual currency providers" and require registration with the FIN-FSA. This includes services where the private keys are held by the provider on behalf of the client. — source
- [aml] Payment Processors: This depends on the nature of the service: — source
France
- [general] France has been ranked as the top European destination for international investment projects for seven consecutive years (2025). — source
- [general] It remains the leading recipient of foreign investment in Europe, driven by a skilled workforce, high-quality infrastructure, diversified industrial base, and access to the EU market. — source
- [general] Reduction of corporation tax to 25%. — source
- [general] Removal of several production taxes. — source
- [general] Labor market reforms for increased flexibility and predictability. — source
Gabon
- [aml] Règlement n° 01/16-CEMAC-UMAC-CM du 11 avril 2016 governed AML/CFT in Gabon until the UMAC Ministerial Committee adopted Règlement n° 02/24/CEMAC/UMAC/CM at Libreville on 20 December 2024; the 2024 règlement supersedes it, defines actif virtuel and PSAV at article 2, lists PSAV among the assujettis at article 6 and requires prior agrément plus a virtual-asset travel rule at article 42. — source
- [aml] Note: While this regulation predates FATF's specific guidance on virtual assets (Recommendation 15 and its Interpretative Note from 2018), its broad scope often means VASPs are expected to comply as "financial institutions" or similar entities if they perform functions akin to traditional financial services. — source
- [aml] General search term for official document: "Règlement n°01/16-CEMAC-UMAC-CM relatif à la prévention et à la répression du blanchiment de capitaux et du financement du terrorisme" — source
- [aml] Individuals: Obtain and verify identity using reliable, independent source documents (e.g., national ID cards, passports, driver's licenses) for name, date of birth, place of birth, address, and nationality. — source
- [aml] Legal Entities (Companies): Obtain and verify information such as the company's name, legal form, address of registered office, names of directors, and provisions governing the power to bind the company. Identify and verify the identity of the beneficial owners (individuals who ultimately own or control the company) and persons acting on behalf of the company. — source
Gambia
- [aml] Legal Basis: The primary legislation is the Anti-Money Laundering and Combating the Financing of Terrorism Act, 2012. This Act establishes the legal framework for combating money laundering and terrorist financing, including the implementation of UN Security Council resolutions related to freezing assets of designated individuals and entities. — source
- [aml] Gambia is legally bound to implement all resolutions of the UN Security Council, particularly those imposing targeted financial sanctions related to terrorism financing (Al-Qaida, ISIL) and proliferation financing (DPRK, Iran), as well as sanctions against specific individuals and entities for other reasons (e.g., various country-specific regimes). — source
- [aml] Obligation to Freeze Assets: Any person or entity (including financial institutions) holding funds or other assets of individuals or entities designated by the UN Security Council must immediately freeze those assets and report the action to the National Centre for Financial Intelligence (NCFI). — source
- [aml] Prohibition on Transactions: It is prohibited to make funds or other assets available, directly or indirectly, to UN-designated individuals or entities. — source
- [aml] Direct Obligation: All entities, including VASPs, under Gambian jurisdiction are legally required to comply with UN sanctions lists. This means screening users and transactions against the UN Security Council Consolidated List. — source
Georgia
- [aml] Law of Georgia on Facilitating the Suppression of Money Laundering and Terrorism Financing (Law N5183-IIs, adopted December 29, 2006, as amended): This is the fundamental AML/CFT law in Georgia. It was significantly amended in 2023 to explicitly include Virtual Asset Service Providers (VASPs) as "obliged entities" (or "reporting entities"), bringing them under the scope of AML/CFT regulations. — source
- [aml] National Bank of Georgia (NBG) Resolution N111/04 of July 13, 2023, "On Approving the Rules for Regulation of Activities of Virtual Asset Service Providers": This crucial resolution by the NBG provides detailed rules and guidelines for the licensing, supervision, and AML/CFT compliance of VASPs. It elaborates on the requirements stipulated in the main AML law. — source
- [aml] National Bank of Georgia (NBG) Ordinance N59/04 of April 2, 2024, "On the Approval of Rules for Reporting and Publication of Information by Virtual Asset Service Providers": This ordinance further specifies reporting and publication requirements, including those relevant for AML/CFT oversight. — source
- [aml] For Individuals: Obtaining and verifying details such as full name, date and place of birth, address, nationality, and identification document details (e.g., passport or ID card number, issuing authority, expiry date). Verification typically involves reliable, independent source documents or data. — source
- [aml] For Legal Entities: Obtaining and verifying the legal entity's name, legal form, registration number, registered address, and the names of individuals authorized to act on behalf of the entity. Verification involves official corporate documents. — source
Germany
- [aml] GwG (Money Laundering Act): Core national law incorporating EU AML Directives (e.g., AMLD5), covering obliged entities like CASPs for ML/TF prevention. — source
- [aml] KWG (Banking Act): Requires BaFin licensing (section 32) for crypto custody business, exchange services, and related financial activities. — source
- [aml] KMAG (Crypto Markets Supervision Act): Implements MiCAR domestically, granting BaFin powers for CASP licensing, supervision, and public warnings. — source
- [aml] KryptoWTransferV (Crypto Asset Transfer Regulation): Enforces the EU "travel rule" for crypto transfers, requiring originator/beneficiary identification. — source
- [aml] Additional: Criminal Code (StGB) for sanctions; MiCAR for EU-wide standards (phased in by end-2024). — source
Ghana
- [aml] Anti-Money Laundering Act, 2020 (Act 1044): This is the most crucial piece of legislation. It provides the legal framework for combating money laundering and terrorist financing in Ghana, incorporating international standards, including those related to targeted financial sanctions. VASPs, by their nature, would fall under the broader definition of financial institutions or designated non-financial businesses and professions (DNFBPs) if they are involved in activities like exchange, transfer, or safekeeping of virtual assets. — source
- [aml] Legal Reference: Anti-Money Laundering Act, 2020 (Act 1044) (Official FIC Ghana link) — source
- [aml] Payment Systems and Services Act, 2019 (Act 987): While not directly referencing cryptocurrencies, this Act governs payment systems and services in Ghana and grants the Bank of Ghana broad oversight. Should crypto services be deemed to fall within the ambit of payment services, they would be subject to BoG regulation. — source
- [aml] Legal Reference: Payment Systems and Services Act, 2019 (Act 987) (Official Bank of Ghana link) — source
- [aml] Ghana's Obligation: As a UN member state, Ghana is legally bound to implement targeted financial sanctions mandated by the UNSC. These resolutions typically target individuals, entities, and groups involved in terrorism, proliferation of weapons of mass destruction (WMD), or those threatening international peace and security. — source
Gibraltar
- [aml] The Proceeds of Crime Act 2015 (POCA), as amended in March 2021 to address AML/CFT for DLT and virtual asset firms, is a core law mandating AML/CFT/CPF obligations for DLT Firms and VASPs in Gibraltar, and requires the appointment and GFSC oversight (including notification duties) of a Money Laundering Reporting Officer (MLRO). — source
- [aml] Under the Financial Services Act 2019 framework, GFSC authorization is required for all 'virtual asset arrangements' (including exchange between fiat and virtual assets, and storing/transmitting value via DLT), not just DLT-based storage/transmission; non-DLT crypto activities such as exchange are now also regulated under the FSA rather than solely under POCA's AML regime. — source
- [aml] The RFBR Regs 2021 initially required registration for AML/CFT supervision of VASPs not otherwise regulated, but this has been superseded by a full licensing/registration regime under the Gibraltar Financial Services Commission for VASPs. — source
- [aml] Gibraltar's Sanctions Act 2019 continues to enforce counter-proliferation measures. — source
- [aml] GFSC issues comprehensive AML/CFT/CPF guidance; VASPs must submit policies/manuals during application. — source
Greece
- [aml] Greek Law: Greece has transposed the 5th and 6th EU Anti-Money Laundering Directives (AMLDs) into national law, primarily through Law 4557/2018 (Official Gazette A' 139/2018), as amended. This law identifies "providers of services of exchange between virtual currencies and fiat currencies" and "custodian wallet providers" as 'obliged entities' for AML/CTF purposes. — source
- [aml] Registration: Such entities are required to register with the Hellenic Capital Market Commission (HCMC), which is designated as the competent authority for the supervision of Virtual Asset Service Providers (VASPs) for AML/CTF purposes. This registration is not a prudential license specifically for custody, but rather a registration to lawfully operate while fulfilling AML obligations. — source
- [aml] Law 4557/2018: Articles 3(g) and 10(1) define "providers of services of exchange between virtual currencies and fiat currencies" and "custodian wallet providers" and subject them to AML/CTF obligations. (Access via Greek Government Gazette - note: direct English translation URLs for specific articles are often unavailable, but the law number and official gazette are the authoritative reference). — source
- [aml] Hellenic Capital Market Commission (HCMC): The HCMC maintains a register of VASPs. Further details can be found on their official website under their supervisory mandates: https://www.hcmc.gr/ (Navigate to "Supervision" -> "Other Supervised Entities" or "Virtual Asset Service Providers"). — source
- [aml] Segregation of Client Assets Rules: — source
Grenada
- [aml] No explicit classification: Grenada's existing laws do not explicitly define or classify stablecoins as e-money, payment tokens, or securities. — source
- [aml] Likely "Virtual Assets": Most commonly, stablecoins would be classified as "Virtual Assets" (VAs) under the Money Laundering and Terrorist Financing (Prevention and Control) Act and its accompanying regulations, which aim to align with the Financial Action Task Force (FATF) Recommendations on virtual assets and Virtual Asset Service Providers (VASPs). This broad classification primarily triggers AML/CFT obligations. — source
- [aml] Grenada's primary anti-money laundering legislation is the Money Laundering (Prevention) Act (Chapter 197A), hosted on the official Parliament of Grenada website. The current Financial Intelligence Unit (FIU) of Grenada operates at grenadafiu.com and does not host this legislation at fiu.gov.gd. No Grenada-specific law titled 'Money Laundering and Terrorist Financing (Prevention and Control) Act' was found. — source
- [aml] FATF Guidance for a Risk-Based Approach to Virtual Assets and Virtual Asset Service Providers (VASPs): https://www.fatf-gafi.org/media/fatf/documents/recommendations/RBA-VA-VASPs.pdf (Grenada, as a FATF member, is expected to implement these). — source
- [aml] Potential "E-money" or "Payment System": If a stablecoin were designed to function purely as a medium of exchange pegged to a fiat currency, and widely accepted for payments, the ECCB or Grenada's financial regulators (like GARFIN, the Grenada Authority for the Regulation of Financial Institutions) might consider it a form of e-money or a component of a payment system, which would attract a higher level of prudential regulation. However, explicit definitions for stablecoins in this context are absent. — source
Guatemala
- [licensing] No specific cryptocurrency license is required. — source
- [licensing] Fiat On/Off-Ramps: If an exchange, custody provider, or payment processor facilitates transactions involving fiat currency (e.g., Guatemalan Quetzal, USD) to/from cryptocurrencies, they might fall under the existing financial regulations governing money transmitters, payment service providers, or other financial intermediaries. In such cases, they would likely need to comply with traditional financial licensing requirements from the SIB. — source
- [licensing] General Business Registration: Any company operating in Guatemala, regardless of its specific industry, must be legally constituted and registered with the Registro Mercantil General de la República (General Mercantile Registry of the Republic). — source
- [licensing] Capital Requirements: No specific capital requirements for VASPs are stipulated in Guatemalan law. If the entity were to engage in activities regulated by the SIB (e.g., traditional money remittance), then existing capital requirements for those specific financial activities would apply. — source
- [licensing] Guatemala's AML/KYC obligations for fintech companies are now directly imposed under Decree No. 15-2026, which includes fintech sectors as Obligated Entities, replacing the previous indirect applicability framework. — source
Guernsey
- [aml] The Proceeds of Crime (Bailiwick of Guernsey) Law, 1999 (as amended) — source
- [aml] The Terrorism and Crime (Bailiwick of Guernsey) Law, 2002 (as amended): This law addresses terrorist financing and associated offences. — source
- [aml] The Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) Regulations, 2017 (as amended): These Regulations provide the detailed requirements for financial services businesses (which include VASPs for AML/CFT purposes) concerning customer due diligence, record-keeping, and internal controls. — source
- [aml] The Handbook for Financial Services Businesses on Countering Financial Crime and Terrorist Financing (the AML/CFT Handbook): Issued by the GFSC, this handbook provides detailed guidance and specific requirements for regulated entities, including a dedicated section on Virtual Assets and VASPs (typically Section 11). This is where the operational details of the Travel Rule are explained. — source
- [aml] Risk-Based Approach (RBA): VASPs must assess the money laundering and terrorist financing risks associated with their business, customers, products, services, and geographic areas. This assessment dictates the level of CDD applied. Virtual assets and related services are generally considered to carry higher inherent risks. — source
Guinea
- [aml] Law N° L/2018/005/AN concerning the Fight Against Money Laundering and Terrorist Financing (LBC/FT): This is the fundamental legal text. It replaced older legislation and aims to align Guinea's framework with international standards, particularly the FATF recommendations. — source
- [aml] Decree N° D/2019/078/PRG/SGG of 29 March 2019, on the Application of Law N° L/2018/005/AN: This decree provides the implementing details for the AML/CFT law. — source
- [aml] For natural persons: Full name, address, date of birth, nationality, unique identification number (e.g., national ID, passport). Verification using reliable, independent source documents, data, or information. — source
- [aml] For legal entities: Name, legal form, address, proof of existence, names of directors/partners, legal representatives, and identification of the beneficial owners. — source
- [aml] Identification of Beneficial Owners: Take reasonable measures to understand the ownership and control structure of the customer and identify the natural persons who ultimately own or control the customer. — source
Guinea-Bissau
- [aml] There is no 'UEMOA Directive No. 003/2021/CM/UEMOA'. The UEMOA AML/CFT directive was Directive n° 02/2015/CM/UEMOA, which has been superseded by the UMOA Loi uniforme relative a la LBC/FT/FP du 31 mars 2023. That uniform law - not a 2021 directive - is what brings virtual assets into the UEMOA AML/CFT perimeter: art. 2 defines 'actif virtuel' and 'prestataire de services d'actifs virtuels' (PSAV, expressly including custody and administration of virtual assets), art. 3 makes PSAV assujettis, art. 58 forbids professional PSAV activity without prior agrement or authorisation from the competent authority, art. 59 defers all PSAV-specific requirements to competent authorities, and art. 60 requires suspicious-transaction reports to the CENTIF. Each member state, including Guinea-Bissau, must transpose it nationally; Guinea-Bissau's transposing Lei could not be identified. — source
- [aml] Instructions from the Central Bank of West African States (Banque Centrale des États de l'Afrique de l'Ouest - BCEAO): As the common central bank for UEMOA member states, the BCEAO issues regulations and instructions that financial institutions (and by extension, potentially VASPs) must adhere to, particularly concerning electronic money and other financial services. These often implement the UEMOA directives at an operational level. — source
- [aml] Obtaining and verifying the identity of the customer (natural persons: name, address, date of birth, nationality, unique identification number; legal persons: name, legal form, address of registered office, directors, beneficial owners, proof of incorporation). — source
- [aml] For legal persons, understanding the ownership and control structure, and identifying the ultimate beneficial owner (UBO). — source
- [aml] Purpose and Nature of the Business Relationship: Understanding the purpose and intended nature of the business relationship or transaction. — source
Guyana
- [aml] Financial Intelligence Unit (FIU) of Guyana — source
- [aml] Anti-Money Laundering and Countering the Financing of Terrorism Act 2009 (as amended) (AMLCFTA). This Act, enforced by the Financial Intelligence Unit (FIU) Guyana, serves as the cornerstone for financial institutions and designated non-financial businesses and professions (DNFBPs), which now explicitly include VASPs. — source
- [aml] This is the principal Act establishing the AML/CFT framework. — source
- [aml] This amendment, along with others, updated the original Act to address evolving FATF standards and typically broadened the scope of "reporting entities" or "financial institutions" to include new types of services, implicitly or explicitly bringing VASPs under its ambit. — source
- [aml] These regulations provide detailed rules and procedures for implementing the provisions of the AML/CFT Act. — source
Haiti
- [aml] Haiti has not established a specific legal framework for cryptocurrency or virtual asset regulation, and no dedicated licensing regime exists for crypto businesses. Haiti - United States Department of State — source
- [aml] Haiti is not a FATF member but is a member of the Caribbean Financial Action Task Force (CFATF), a FATF-style regional body. Caribbean Financial Action Task Force (CFATF) — source
- [aml] Haiti was added to the FATF "Jurisdictions under Increased Monitoring" (grey list) in June 2021 due to strategic AML/CFT deficiencies, and as of June 2026 remains on that list. Financial Action Task Force Identifies Jurisdictions with Anti-Money Laundering and Combating the Financing of Terrorism and Counter-Proliferation Deficiencies | FinCEN.gov — source
- [aml] No entity has been licensed to operate a cryptocurrency business or virtual asset service provider in Haiti, as no licensing framework exists for such activities. Haiti - United States Department of State — source
- [aml] The practical reality is that crypto activity operates in a regulatory vacuum, with the central bank and financial authorities having not yet issued digital asset-specific AML rules. Haiti - United States Department of State — source
Holy See
- [aml] Autorità di Supervisione e Informazione Finanziaria (ASF) / Supervisory and Financial Information Authority — source
- [aml] Law No. CCXCVII (297) of 15 December 2018, concerning Measures for the Protection of the Financial System and Countering Money Laundering and the Financing of Terrorism: This is the foundational AML/CFT law that provides the general framework for financial institutions. — source
- [aml] Decree No. CCCLVI (356) of 19 May 2021, issued by the Secretariat of State (amending Law No. CCXCVII and introducing specific provisions for Virtual Assets and Virtual Asset Service Providers): This crucial decree specifically brought virtual assets and VASPs under the Holy See's AML/CFT regulatory scope, implementing FATF Recommendation 15 and its Interpretive Note. It defines virtual assets and VASPs and subjects them to the same AML/CFT obligations as traditional financial institutions. — source
- [aml] Decree No. CCCLVI (356) of 19 May 2021, issued by the Secretariat of State (amending Law No. CCXCVII and introducing specific provisions for Virtual Assets and Virtual Asset Service Providers): This crucial decree specifically brought virtual assets and VASPs under the Holy See's AML/CFT regulatory scope, implementing FATF Recommendation 15 and its Interpretive Note. It defines virtual assets and VASPs and subjects them to the same AML/CFT obligations as traditional financial institutions. — source
- [aml] Defines "Virtual Assets" (VAs) as a digital representation of value that can be digitally traded or transferred and used for payment or investment purposes. — source
Honduras
- [aml] Honduras does not have a comprehensive, dedicated legal framework specifically addressing cryptocurrency or digital asset AML regulation as of 2025–2026; the existing AML/CFT regime was designed for traditional financial institutions and has not been substantively updated to address virtual assets. Honduras - State.gov — source
- [aml] The National Banking and Insurance Commission (CNBS) serves as the primary regulator for AML/CFT compliance, and the Financial Investigation Unit (FIU) is housed within the CNBS but lacks operational and budgetary independence. Honduras - State.gov — source
- [aml] No licensing or registration framework exists specifically for cryptocurrency exchanges, digital asset service providers, or virtual asset businesses in Honduras. Honduras - State.gov — source
- [aml] No entities have been licensed or registered as cryptocurrency businesses or virtual asset service providers under any Honduran regulatory regime. Honduras - State.gov — source
- [aml] The practical reality is that cryptocurrency businesses operate in a legal gray area: they are neither explicitly prohibited nor authorized, and they face uncertainty regarding AML obligations, tax treatment, and regulatory oversight. Honduras - State.gov — source
Hong Kong
- [general] Tokens representing equity/ownership interests (e.g., shares, profit-sharing rights). — source
- [general] Interests in a CIS, where rights are managed by others for collective investment with pooled contributions aiming for profit from promoters' efforts. — source
- [general] Secondary market tradability, marketing as investments, or promises of returns increase likelihood of classification as securities. — source
- [general] Public offers: Offering documents require SFC authorization unless exempt (e.g., private placements to professional investors). — source
Hungary
- [aml] VASP Registration: Under the transposition of the EU's 5th and 6th Anti-Money Laundering Directives (AMLD5/AMLD6), custodial wallet providers are classified as Virtual Asset Service Providers (VASPs). — source
- [aml] Obligation: VASPs, including those offering custodial services, are required to register with, or be licensed by, the Hungarian Financial Supervisory Authority (primarily the Magyar Nemzeti Bank - MNB, the Central Bank of Hungary, which oversees financial market supervision) for AML/CTF purposes. — source
- [aml] Purpose of Registration: This registration primarily obliges the entity to comply with AML/CTF requirements, such as customer due diligence (KYC), transaction monitoring, and suspicious activity reporting, rather than specific operational custody rules. — source
- [aml] Act CXXXVI of 2013 on the prevention and combating of money laundering and terrorist financing (Pmtv.) – This is Hungary's primary AML law, amended to include virtual asset service providers. — source
- [aml] While a direct URL to the specific VASP section in English might be hard to find, the official text is available through Hungarian legal databases. The MNB provides guidance on financial market supervision. — source
Iceland
- [aml] VASP Registration: Any entity providing services related to virtual assets, including the safekeeping and/or administration of virtual assets on behalf of customers (i.e., custody), is required to register as a Virtual Asset Service Provider (VASP) with the Central Bank of Iceland. This is not a "license" in the traditional sense of financial services but rather an AML/CFT registration that imposes significant obligations. — source
- [aml] The registration is mandated by the Act on measures to combat money laundering and terrorist financing No. 140/2018, which transposes EU AML Directives (AMLD5, soon AMLD6) into Icelandic law. — source
- [aml] Scope: This typically covers situations where the custodian holds private keys and has control over clients' virtual assets. — source
- [aml] Act on measures to combat money laundering and terrorist financing No. 140/2018: https://www.althingi.is/lagas/nuna/2018140.html (Icelandic original) — source
- [aml] Central Bank of Iceland - AML/CFT: https://www.cb.is/financial-supervision/aml-cft/ — source
India
- [aml] Adopted and Effective Date: Adopted via PMLA amendment on March 7, 2023, explicitly to comply with the FATF Travel Rule by including VDA service providers (often termed VASPs) in the PMLA framework. — source
- [aml] Threshold Amounts: No specific threshold is detailed in the provided sources for India; FATF globally recommends $1,000/€1,000, but countries like India set their own (or none), with requirements potentially applying to all transactions. — source
- [aml] VASPs Covered: All Virtual Digital Asset Service Providers (also called VDA-SPs), now classified as reporting entities under PMLA. Several VASPs have registered with the Financial Intelligence Unit - India (FIU-IND), while non-compliant ones faced website blocks. — source
- [aml] Technical Implementation Requirements: FIU-IND issued specific AML & CFT Guidelines for VDA-related service providers, covering transaction monitoring systems, blockchain analytics tools, and Travel Rule compliance. VASPs must adhere to these and any subsequent FIU-IND directives on implementation status. — source
- [aml] Prevention of Money Laundering Act (PMLA), 2002 (amended March 7, 2023): Core legislation extending AML/CFT to VDAs and VASPs. https://www.ikigailaw.com/article/592/the-implementation-of-the-fatf-travel-rule-to-vasps-in-india — source
Indonesia
Iran
- [aml] FATF Blacklisting: Iran is currently on the FATF's "Public Statement – High-Risk Jurisdictions Subject to a Call for Action," meaning it is subject to a call for countries to apply enhanced due diligence and, in the most serious cases, countermeasures to protect the international financial system from the ongoing money laundering, terrorist financing, and proliferation financing (ML/TF/PF) risks emanating from Iran. This significantly impacts any international VASP's ability or willingness to operate in or with Iran. — source
- [aml] International Sanctions: Iran is under extensive international sanctions (primarily from the US), which prohibit most financial transactions involving Iranian entities or individuals, further complicating VASP operations. — source
- [aml] Evolving Domestic Stance: Iran's stance on cryptocurrencies has evolved from outright bans to allowing regulated mining and exploring the use of crypto for bypassing sanctions (e.g., import payments), while generally maintaining strict controls over public trading and use for domestic payments. — source
- [aml] Legislation Name: "Law on Combating Money Laundering" (Qanun Mobaraze ba Pulshui), initially passed in 2008 and amended in 2019. — source
- [aml] Purpose: This is the foundational AML law in Iran, establishing general obligations for reporting entities (which would include any authorized financial service providers, including VASPs if fully integrated into the financial system). — source
Iraq
- [aml] Decree: In February 2022 (and reiterated earlier), the Central Bank of Iraq (CBI) issued directives prohibiting the use, trading, and advertising of cryptocurrencies within Iraq. The CBI considers cryptocurrencies to be highly volatile, prone to fraud, and lacking proper regulatory oversight, posing risks to the financial system and national security. — source
- [aml] Implication: This ban means that there are no legally operating cryptocurrency exchanges or virtual asset service providers in Iraq. Any entity engaging in such activities within Iraq would be doing so illegally. — source
- [aml] Law No. 39 of 2015 – Anti-Money Laundering and Combating the Financing of Terrorism Law: This is the primary legislation. It establishes the legal framework for combating money laundering and terrorist financing across all sectors of the Iraqi financial system. It aligns with international standards set by the Financial Action Task Force (FATF). — source
- [aml] CBI Regulations: The Central Bank of Iraq issues various regulations and instructions to implement Law No. 39, applicable to banks and financial institutions under its supervision. — source
- [aml] Identification and Verification: Financial institutions (banks, money transfer services) are required to identify and verify the identity of their customers, whether natural persons or legal entities, using reliable, independent source documents, data, or information. — source
Ireland
- [aml] Customer Due Diligence (CDD/KYC): VASPs must conduct CDD, including identifying customers, verifying identities, understanding transaction purposes, and assessing risks, as outlined in Part 4 of the Criminal Justice (Money Laundering and Terrorist Financing) Acts 2010 to 2021. This involves stricter KYC obligations like user identity verification and real-time monitoring, with no anonymous crypto transactions allowed. — source
- [aml] Suspicious Transaction Reporting: VASPs must monitor transactions for suspicious activity related to money laundering or terrorist financing and report to the relevant authorities, with enhanced mechanisms under WCTR empowering financial intelligence units to suspend suspicious crypto transfers. — source
- [aml] Record-Keeping Obligations: VASPs must maintain records of transactions, CDD, and monitoring to demonstrate compliance with AML/CFT rules. — source
- [aml] Industrial Development Authority (IDA): Attracts investment and leads Blockchain Ireland initiative. — source
- [aml] European Securities and Markets Authority (ESMA): Develops standards/guidelines for consistent EU application and consumer warnings. — source
Isle of Man
- [aml] Designated Business Registration: Any entity carrying on a "designated business" activity involving virtual assets must register with the IOM FSA. This explicitly includes providing safe custody or storage of virtual assets. — source
- [aml] Virtual Asset Activities Covered: The definition of "virtual assets" and the activities that constitute "designated business" are broad and cover: — source
- [aml] Exchanging, or arranging or making arrangements for the exchange of, virtual assets for fiat currencies or other virtual assets. — source
- [aml] Issuing, transmitting, transferring, providing safe custody or storage, administering, managing, lending, buying, selling, or otherwise dealing with virtual assets. — source
- [aml] Fit and proper persons (directors, beneficial owners, key personnel). — source
Israel
- [licensing] CMISA — Financial Asset Service Provider licensing — source
- [licensing] Israel Money Laundering Prohibition Authority — AML/CFT compliance — source
- [licensing] Supervision of Financial Services (Regulated Financial Services) Law: Core licensing framework (no direct URL in results; see CMA site via ). — source
- [licensing] Exchanges: Require a license as a "service provided in a financial asset" under the Supervision of Financial Services Law from the CMA. Recent ISA amendments (August 2024) allow non-bank Tel Aviv Stock Exchange (TASE) members (e.g., brokerages) to offer trading in approved cryptocurrencies like Bitcoin and Ethereum via licensed exchanges. — source
- [licensing] Custody Providers: Need the same CMA financial asset service license for management or custody of virtual currencies; Israeli Trust Act provisions may also apply. Transactions must route through licensed entities in the "closed garden" model. — source
Italy
- [aml] OFAC: Applies to all U.S. persons and has extraterritorial reach; VASPs must block cryptoassets linked to SDN-listed persons/entities (including wallet addresses) and report to OFAC. Strict liability applies, with no crypto exceptions. — source
- [aml] EU/UN: Integrated into MiCA and Italian AML rules; screening prevents dealings with sanctioned parties, with Travel Rule enhancing controls for crypto transfers. — source
- [aml] EU Consolidated Financial Sanctions List — source
- [aml] OFAC SDN List (including crypto addresses) — source
- [aml] UK HMT, Canadian OSFI (for global compliance) — source
Jamaica
- [aml] Proceeds of Crime Act (POCA): This is the foundational legislation for anti-money laundering. — source
- [aml] Terrorism Prevention Act (TPA): This addresses the financing of terrorism and the implementation of UN Security Council resolutions related to terrorism. — source
- [aml] Bank of Jamaica (BOJ) Guidance Note on Virtual Asset Service Providers (VASPs) for Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) Purposes: This is the most crucial document specifically addressing VASPs' obligations. — source
- [aml] Exchange between virtual assets and fiat currencies. — source
- [aml] Exchange between one or more forms of virtual assets. — source
Japan
- [enforcement] Regulator: Financial Services Agency (FSA). — source
- [enforcement] Regulator: National Tax Agency (NTA). — source
- [general] Stringent Regulations: Recent tightening of anti-money laundering (AML) regulations may have led financial institutions to adopt more cautious approaches in reporting suspicious activities, especially if the thresholds for what constitutes "suspicious" are perceived as overly stringent. 3 — source
- [general] Threshold Adjustments: Changes in reporting thresholds—such as higher transaction amounts or frequency requirements—could discourage reporting of borderline cases, leading to fewer STRs. — source
- [general] Enhanced Due Diligence (EDD): Financial institutions might have bolstered their internal controls and risk management frameworks, resulting in more proactive identification and mitigation of suspicious activities before they reach the threshold for reporting. 4 — source
Jersey
- [aml] The Proceeds of Crime (Jersey) Law 1999 (as amended): This is the principal law creating offences related to money laundering and the financing of terrorism. It defines criminal conduct and the various money laundering offences. — source
- [aml] The Money Laundering (Jersey) Law 2008 (as amended): This law establishes the preventative measures that financial services businesses (including VASPs) must take to combat money laundering and terrorist financing. It mandates compliance with the requirements set out in the Money Laundering Order. — source
- [aml] The Money Laundering (Prevention and Detection of Money Laundering) (Jersey) Order 2008 (as amended) (the "ML Order"): This is the core regulatory instrument that specifies the detailed AML/CFT requirements for financial services businesses, including customer due diligence, reporting, record-keeping, and internal controls. — source
- [aml] The Terrorism (Jersey) Law 2011 (as amended): This law creates offences related to terrorist financing and provides for asset freezing and other measures to combat terrorism. — source
- [aml] Exchange between virtual assets and fiat currencies. — source
Jordan
- [securities] The Jordan Securities Commission (JSC) is a governmental regulatory institution with financial, administrative, and technical independence, responsible for regulating and developing the securities sector in Jordan Jordan Securities Commission | JSC Responsibilities. — source
- [securities] The JSC's responsibilities include proposing legislations, implementing them to develop the securities sector, protecting securities investors, and regulating the issuance of securities and trading in them under the provisions of the Securities Law Jordan Securities Commission | JSC Responsibilities. — source
- [securities] The primary securities law in Jordan is the Securities Law No. (18) for the Year 2017, which establishes the legal basis for securities regulation in the country Law No. (18) for the Year 2017 The Securities Law Article (1). — source
- [securities] The JSC enforces Regulation No. (94) for the Year 2025, titled "The Regulation of Licensing Virtual Assets Services Providers," which was published in the Official Gazette Jordan Securities Commission | Official Gazette Publishes Regulation of Licensing Virtual Assets Services Providers and Instructions of Capital Adequacy. — source
- [securities] The Draft Project of Executive Instructions for Virtual Assets Activities for Year 2026 was published on the JSC's electronic website on January 15, 2026, coinciding with the enforcement of Regulation No. (94) for the Year 2025 Jordan Securities Commission | Jordan Securities Commission Publishes Draft Project of Executive Instructions for Virtual Assets Activities for the Year 2026. — source
Kazakhstan
- [aml] Requirement: As a UN member state, Kazakhstan is obligated to implement all UN Security Council resolutions imposing sanctions. These are universally binding. — source
- [aml] Compliance: VASPs must screen customers and transactions against the UN Security Council Consolidated List (individuals and entities associated with terrorism and proliferation of weapons of mass destruction, and other sanction programs). — source
- [aml] Legal Reference: UN Security Council Resolutions. — source
- [aml] URL: UN Security Council Consolidated List — source
- [aml] Requirement: While OFAC sanctions are primarily U.S. law, their extra-territorial reach is significant. Any VASP that deals with U.S. persons (citizens, residents, entities), uses U.S. financial systems (e.g., for USD transactions), or handles U.S.-origin technology or services, falls under OFAC's jurisdiction. Given the global nature of crypto, avoiding a U.S. nexus can be challenging. — source
Kenya
- [aml] Virtual asset service providers in Kenya are not yet subject to a dedicated licensing or registration regime under the AML/CFT framework as of 2025–2026, though the country has initiated regulatory reforms following its FATF grey listing and EU high-risk designation. Kenya’s Anti-Money Laundering (AML) Amendment Act 2025 and EU’s high-risk listing — source
- [aml] The Central Bank of Kenya (CBK) is the primary supervisor for AML/CFT compliance across financial institutions including banks, money remittance providers, foreign exchange bureaus, digital credit providers, and payments service providers, but it does not currently license or regulate virtual asset platforms. AML/CFT/CPF | CBK — source
- [aml] The Proceeds of Crime and Anti-Money Laundering Act, 2009 (POCAMLA) is Kenya's foundational AML legislation, and it was substantially amended in 2025 through the Anti-Money Laundering and Combating of Terrorism Financing and Proliferation Financing (Amendment) Act, 2025, which introduced changes across ten statutes. Kenya’s Anti-Money Laundering (AML) Amendment Act 2025 and EU’s high-risk listing — source
- [aml] Kenya was placed on the FATF grey list and added to the EU's high-risk third-country list in June 2025, triggering accelerated legislative and supervisory reforms to address strategic deficiencies identified in its 2022 mutual evaluation. Kenya’s Anti-Money Laundering (AML) Amendment Act 2025 and EU’s high-risk listing — source
- [aml] The practical reality is that no dedicated virtual asset licensing regime has been operationalized for crypto businesses, and such entities would need to seek classification under existing financial institution categories (such as money remittance or payments service provider) if they engage in regulated activities, leaving a significant compliance gap for the crypto sector. AML/CFT/CPF | CBK — source
Kiribati
- [aml] Anti-Money Laundering and Counter-Terrorist Financing Act 2018 (as amended): This is the core AML/CFT legislation. While it might not explicitly mention "virtual assets" or "stablecoins," financial institutions and designated non-financial businesses and professions (DNFBPs) are expected to report suspicious transactions. If stablecoin activities were deemed to fall under "financial services" broadly, they could be captured. — source
- [aml] Individuals: Obtain and verify the customer's name, residential address, date of birth, and an identification number (e.g., passport, national ID card). Verification typically requires reliable, independent source documents or data. — source
- [aml] Legal Entities (Companies, Trusts): Obtain and verify the legal name, legal form, proof of existence, powers that regulate and bind the legal person or arrangement, and the names of relevant persons holding senior management positions. Identification and verification of beneficial owners (those ultimately owning or controlling 25% or more of the entity) are mandatory. — source
- [aml] Purpose and Nature of Business Relationship: Understanding the intended purpose and nature of the business relationship or occasional transaction. — source
- [aml] Source of Funds/Wealth: For high-risk customers or transactions, obtaining information on the source of funds or wealth involved in the relationship or transaction. — source
Kuwait
- [enforcement] Ministry of Commerce and Industry (MOCI) — source
- [enforcement] Note: These regulators acted in concert to issue the prohibition. — source
- [enforcement] Entity Targeted: All regulated financial institutions, including banks, investment companies, financial services firms, and virtual asset service providers (VASPs) licensed in Kuwait. This effectively targets the activity itself within the regulated sector. Violation Type: Engaging in any virtual asset activities, including:. — source
- [enforcement] Issuance, trading, or dealing in cryptocurrencies. — source
- [enforcement] Using cryptocurrencies as a payment method. — source
Kyrgyzstan
- [aml] Adopted: Yes, Kyrgyzstan adopted legislation to regulate virtual assets and include VASPs within its AML/CFT framework. — source
- [aml] Key Legislation: The primary law is the Law of the Kyrgyz Republic No. 200 "On the Turnover of Virtual Assets" dated August 10, 2022. This law provides the legal basis for the regulation of virtual assets and designates VASPs as obliged entities for AML/CFT purposes. — source
- [aml] Effective Date: The Law No. 200 became effective shortly after its promulgation in August 2022. This integration means VASPs are now subject to the broader AML/CFT legislation of Kyrgyzstan, including reporting requirements. — source
- [aml] While Law No. 200 designates VASPs as obliged entities, the specific threshold amounts for the FATF Travel Rule (i.e., the requirement to transmit originator and beneficiary information) are typically set by the overarching AML/CFT law or secondary regulations/guidance from the Financial Intelligence Unit (FIU). — source
- [aml] FATF Standard Threshold: The FATF Travel Rule generally applies to virtual asset transfers (transactions) exceeding USD/EUR 1,000 (or its equivalent in virtual assets) for cross-border transfers and USD/EUR 1,000 (or its equivalent) if the transaction is domestic and not part of a pre-existing business relationship where the customer has been verified. For unhosted wallets, the guidance usually suggests due diligence for transactions above a certain threshold (e.g., USD/EUR 1,000), but the Travel Rule itself focuses on VASP-to-VASP transfers. — source
Labuan (Malaysia)
- [aml] Labuan Financial Services Authority (Labuan FSA) — source
- [aml] Role: Licenses and regulates all financial services entities in Labuan IBFC, including VASPs. It issues specific guidelines and policies that licensees must adhere to. — source
- [aml] Bank Negara Malaysia (BNM) - Financial Intelligence Unit (FIU) — source
- [aml] Role: While Labuan FSA is the primary regulator, BNM's FIU is the body to which suspicious transaction reports (STRs) are submitted. It acts as Malaysia's central agency for receiving, analysing, and disseminating financial intelligence. — source
- [aml] Website: https://www.bnm.gov.my/financial-intelligence-and-enforcement (for information on FIU and AML/CFT) — source
Laos
- [aml] No, not comprehensively. While Laos has a general AML/CFT law, its framework for VAs and VASPs is still considered insufficient by international standards. The FATF Travel Rule (which stems from FATF Recommendation 15 and its Interpretive Note) requires countries to regulate VASPs for AML/CFT purposes, including implementing obligations to collect and transmit originator and beneficiary information for virtual asset transfers. Laos has yet to establish this comprehensive regulatory regime. — source
- [aml] As the comprehensive regulatory framework for VASPs and the Travel Rule is not yet in place, there is no specific effective date for its implementation in Laos. The initial steps involve defining VAs and VASPs, bringing them under the regulatory scope, and then prescribing the specific Travel Rule obligations. — source
- [aml] Given the absence of a comprehensive framework for the Travel Rule, no specific threshold amounts have been defined for VASP transactions in Laos related to the Travel Rule. The FATF standard typically applies to transactions above a certain threshold (e.g., USD/EUR 1,000) for cross-border transfers and sometimes lower for domestic. — source
- [aml] This is the primary challenge. Laos's existing AML/CFT framework, while aiming to combat financial crime, does not yet comprehensively define Virtual Assets (VAs) or Virtual Asset Service Providers (VASPs) to bring them under direct AML/CFT supervision as required by FATF Recommendation 15 and its Interpretive Note. — source
- [aml] Therefore, there isn't a clear list of "covered VASPs" that are currently subject to Travel Rule obligations. Any entities dealing with virtual assets operate in a largely unregulated or ambiguous legal environment concerning AML/CFT specifically for virtual assets. — source
Latvia
- [aml] Requirement: Entities providing services of custodial wallet providers (which includes safekeeping or administration of virtual assets or instruments enabling control over virtual assets on behalf of clients) are considered Virtual Asset Service Providers (VASPs). They are required to register with the Latvian Financial Intelligence Unit (FID). — source
- [aml] Process: The registration involves demonstrating compliance with AML/CTF requirements, including: — source
- [aml] Developing and implementing robust internal control systems. — source
- [aml] Appointing a responsible person for AML/CTF compliance. — source
- [aml] Conducting customer due diligence (CDD) and ongoing monitoring. — source
Lesotho
- [aml] The Money Laundering and Proceeds of Crime Act, 2008 (Act No. 4 of 2008) is Lesotho's foundational AML statute, but virtual asset service providers are not accountable institutions under its Schedule 1: the most recent Schedule amendment, Legal Notice No. 69 of 2024 published 25 June 2024 under section 112 of that Act, inserts only a person conducting safekeeping and administration of cash or liquid securities, and no virtual-asset category has ever been added. — source
- [aml] Lesotho has no Financial Intelligence Act 2011: the Financial Intelligence Unit is established by section 14 of the Money Laundering and Proceeds of Crime Act, 2008 as a juristic person responsible to the Minister, suspicious transaction reporting arises under section 18 of that Act and the tipping-off prohibition under section 24(1). — source
- [aml] Section 17(4) of the Money Laundering and Proceeds of Crime Act, 2008 requires records to be kept for at least five years from the date the relevant business or transaction was completed, but that duty binds only the accountable institutions listed in Schedule 1 of the Act, a list that contains no virtual asset service provider category after Legal Notice No. 69 of 2024. — source
- [aml] Lesotho's Financial Intelligence Unit is established by section 14 of the Money Laundering and Proceeds of Crime Act, 2008 as a juristic person responsible to the Minister, and receives, analyses and disseminates suspicious transaction reports from the accountable institutions listed in Schedule 1 of that Act, which contains no virtual asset service provider category and gives the Unit no VASP oversight. — source
- [aml] Lesotho has no virtual-asset statute, no VASP licence or registration regime and no prohibition on holding or trading cryptocurrency: the Central Bank of Lesotho's press statement of 20 May 2024 places cryptocurrencies outside its regulatory perimeter, the Bank's legislation index carries no virtual-asset, crypto-asset or fintech instrument, and the September 2023 ESAAMLG mutual evaluation rates Recommendation 15 Non-Compliant and records that Lesotho has no legal and institutional framework to allow VA and VASP activities. — source
Liberia
- [aml] United Nations (UN) Security Council Sanctions: These are universally binding on UN member states, including Liberia. UN sanctions lists target individuals, entities, and regimes involved in terrorism, proliferation of weapons of mass destruction, and other threats to international peace and security. — source
- [aml] Compliance Requirement for VASPs: VASPs must screen all their customers and transactions against the UN Consolidated Sanctions List (e.g., ISIL (Da'esh) & Al-Qaida Sanctions List, DPRK Sanctions List, etc.) to identify any sanctioned parties or activities. — source
- [aml] Legal Reference: UN Security Council Sanctions Committees Website: https://www.un.org/securitycouncil/sanctions/information — source
- [aml] U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) Sanctions: While OFAC sanctions are primarily U.S. law, their extraterritorial reach (especially through the U.S. financial system) means that any VASP or financial institution anywhere in the world that engages in transactions involving a U.S. person, U.S. dollar, or U.S. technology must comply. Non-compliance can lead to severe penalties and loss of access to the U.S. financial system. — source
- [aml] Compliance Requirement for VASPs: VASPs are expected to screen against OFAC's Specially Designated Nationals and Blocked Persons (SDN) List and other sanctions lists (e.g., Sectoral Sanctions Identifications List, Non-SDN Menu-Based Sanctions List). OFAC has also issued specific guidance on sanctions compliance for the virtual currency industry. — source
Libya
- [aml] No Equivalent Test: Libya does not have a specific legal test akin to the Howey test for determining whether a digital asset constitutes a "security." The regulatory focus is not on differentiating token types (utility vs. security), but on the inherent risks associated with all cryptocurrencies themselves. — source
- [aml] Basis for Restriction: The CBL's pronouncements are based on concerns about: — source
- [aml] Absence of regulatory oversight and legal framework. — source
- [aml] High volatility and speculative nature. — source
- [aml] Potential for fraud and consumer protection issues. — source
Liechtenstein
- [enforcement] Legal basis: DTA (LGBl 2008.265) + TVTG Arts. 20–29 (sector-specific AML rules) Legislation and official policy documents - Eurydice.eu. — source
- [enforcement] Legal Basis: SPG (LGBl. 2009/047) and SPV (LGBl. 2009/098), as amended by LGBl. 2019/274 to explicitly include all TVTG roles (Art. 2 SPG). Banking Laws and Regulations 2026 | Liechtenstein — source
- [general] Payment Tokens: Intended to be used as a medium of exchange and are not tied to any underlying asset or project. (e.g., Bitcoin, Litecoin). These are generally not considered securities, but may fall under anti-money laundering regulations. — source
- [general] Utility Tokens: Intended to provide access to a specific application or service on a blockchain platform. If they only grant access to a service and have no investment characteristics, they are generally not considered securities. However, if they have speculative value or promise a return, they might be reclassified. — source
- [general] Security Tokens (Investment Tokens): These are tokens that represent traditional financial instruments and are therefore subject to full securities law. Examples include: — source
Lithuania
- [aml] Bank of Lithuania AML/CFT Directives (2024) — source
- [aml] MiCA Regulation Text (Official EU Document, 2023) — source
- [aml] Stablecoin AML Regulation: A Comparative Analysis of the EU MiCA Framework and U.S. Regulatory Approaches to Financial Crime Prevention — source
- [aml] AML Requirements for Lithuanian Businesses in 2026: What You... — source
- [aml] Lithuania enhances AML/CTF framework to strengthen crypto... — source
Luxembourg
- [aml] Directive (EU) 2015/849 (4th AML Directive): Laid the groundwork for strengthening AML/CFT rules across the EU. — source
- [aml] Directive (EU) 2018/843 (5th AML Directive): Critically, this directive extended the scope of AML/CFT rules to include virtual asset service providers, bringing them under the regulatory purview. — source
- [aml] Law of 12 November 2004 on the fight against money laundering and terrorist financing, as amended (the "AML Law"): This is the cornerstone legislation. It was significantly amended by the Law of 25 March 2020 to transpose the 5th AML Directive, explicitly including virtual asset service providers as "professionals" subject to AML/CFT obligations. — source
- [aml] CSSF Regulation N° 12-02 of 14 December 2012 on the fight against money laundering and terrorist financing: This regulation, though predating the full VASP inclusion, sets out general professional obligations and is complemented by specific CSSF guidance. — source
- [aml] CSSF Circular 20/747 (as amended by Circular 22/815): This circular is crucial for VASPs as it consolidates and specifies the AML/CFT professional obligations under the amended AML Law for all entities subject to CSSF supervision, including VASPs. It provides detailed guidance on risk assessment, customer due diligence, internal organisation, and reporting requirements. — source
Madagascar
- [aml] Absence of Crypto-Specific Laws: There are no laws specifically regulating the issuance, trading, or use of cryptocurrencies in Madagascar. — source
- [aml] General AML/CFT Framework: The primary legal framework for combating money laundering and terrorist financing is: — source
- [aml] Law No. 2004-020 on Combating Money Laundering and Terrorist Financing (and subsequent amendments). — source
- [aml] Note: While this law predates widespread crypto adoption, its general principles concerning suspicious transactions, customer due diligence (CDD), and reporting obligations are expected to apply to any financial activity, including those involving virtual assets, where a nexus to traditional finance or an underlying crime can be established. — source
- [aml] Financial Intelligence Unit (FIU): The Cellule de Renseignement Financier de Madagascar (CEN-FIC) is Madagascar's FIU responsible for receiving, analyzing, and disseminating suspicious transaction reports (STRs) or suspicious activity reports (SARs). VASPs or entities dealing with crypto in Madagascar, even without specific crypto regulation, would likely fall under CEN-FIC's purview for AML/CFT compliance if they interact with the formal financial system. — source
Malawi
- [aml] There is no specific "custodial license" for digital assets in Malawi. — source
- [aml] Any entity operating as a Virtual Asset Service Provider (VASP), which would include services like exchange, transfer, and safekeeping/administration of virtual assets (i.e., custody), would fall under the purview of Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) laws. — source
- [aml] The Financial Intelligence Authority (FIA) Malawi is the primary body responsible for AML/CFT supervision. While they may require registration and compliance with AML/CFT obligations for VASPs, this is not a specific "custody license" but rather an AML/CFT registration. The RBM has not indicated it issues licenses for crypto businesses. — source
- [aml] Financial Intelligence Authority (FIA) Malawi Website: The FIA is responsible for AML/CFT. While specific VASP regulations might not be prominently published, any entity dealing with virtual assets would be expected to comply with the country's general AML/CFT Act. — source
- [aml] URL: https://fia.gov.mw/ (You would need to consult their official documents, such as the Financial Crimes Act or relevant AML/CFT regulations, which are not always directly linkable for specific VASP clauses without deep legal research.) — source
Malaysia
- [aml] Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLATFPUAA 2001) — source
- [aml] Capital Markets and Services Act 2007 (CMSA): For digital assets that are deemed "securities," the Securities Commission Malaysia (SC) regulates entities like Digital Asset Exchanges (DAX) under this Act and its accompanying guidelines. These entities are also subject to specific AML/CFT requirements imposed by the SC. — source
- [aml] Guidelines on Recognised Markets (SC Guidelines): Specifically for operators of recognised markets, including DAX, detailing operational, conduct, and AML/CFT requirements. — source
- [aml] Role: The central bank of Malaysia and the primary regulator for AML/CFT compliance across all reporting institutions, including VASPs, under the AMLATFPUAA 2001. BNM also houses the Financial Intelligence Unit (FIU) responsible for receiving Suspicious Transaction Reports (STRs). — source
- [aml] Role: Regulates the capital markets in Malaysia. The SC specifically licenses and oversees Digital Asset Exchanges (DAX) and other entities involved in the offering or trading of digital assets that are classified as securities. SC-regulated entities must comply with both SC-specific AML/CFT requirements and the broader BNM framework. — source
Maldives
- [aml] No specific "custody license": The Maldives does not currently have a dedicated license type explicitly for "cryptocurrency custodian." — source
- [aml] VASP Registration/Licensing: However, entities providing custodial services for virtual assets would likely fall under the definition of a Virtual Asset Service Provider (VASP) as defined by the AML/CFT Act and subsequent regulations. VASPs are subject to AML/CFT obligations and may require registration or licensing with the MMA/FIU. — source
- [aml] The definition of a VASP, consistent with FATF standards, includes entities that conduct one or more of the following activities or operations for or on behalf of another natural or legal person: — source
- [aml] Exchange between virtual assets and fiat currencies. — source
- [aml] Exchange between one or more forms of virtual assets. — source
Mali
- [aml] Directive n.02/2015/CM/UEMOA du 2 juillet 2015 is a real instrument but is no longer the operative AML/CFT framework. At the regional level it has been replaced by Directive n.01/2023/CM/UEMOA du 16 juin 2023 relative a la lutte contre le blanchiment de capitaux, le financement du terrorisme et de la proliferation des armes de destruction massive, and by the UMOA loi uniforme LBC/FT/FP du 31 mars 2023. For Mali specifically the operative instrument is Ordonnance n.2024-011/PT-RM du 30 aout 2024, which transposes the 2023 uniform law and is what Malian decrees have cited since. — source
- [aml] Full Name: Directive relative à la lutte contre le blanchiment de capitaux et le financement du terrorisme dans les États membres de l’UEMOA. (Directive on the fight against money laundering and terrorist financing in UEMOA member states). — source
- [aml] The 2015 directive no longer sets the foundational standard. Since 16 June 2023 the regional instrument is Directive n.01/2023/CM/UEMOA, implemented through the UMOA loi uniforme LBC/FT/FP du 31 mars 2023, and Mali transposed it by Ordonnance n.2024-011/PT-RM du 30 aout 2024. Mali's own AML statute now covers proliferation financing and virtual assets, neither of which is in the 2015 directive. Note also that Mali is a member of GIABA, the FATF-style regional body, not of the FATF itself. — source
- [aml] No such instrument sits in Mali's AML/CFT chain. Mali's predecessor uniform law is Loi n.2016-008 du 17 mars 2016 portant Loi uniforme relative a la lutte contre le blanchiment de capitaux et le financement du terrorisme - cited verbatim in the visas of Arrete n.2024-3011/MEF-SG du 26 aout 2024, i.e. still the operative AML basis days before the new ordinance. Mali's current AML statute is Ordonnance n.2024-011/PT-RM du 30 aout 2024 portant lutte contre le blanchiment de capitaux, le financement du terrorisme et de la proliferation des armes de destruction massive (JO n. special 17 du 2 septembre 2024). Independently, the cited number/date pairing is internally impossible: Malian laws are numbered sequentially by adoption date within the year, and Loi n.2018-043 was adopted on 27 juin 2018, so a 'Loi n.2018-024' cannot bear the date 21 aout 2018. Neither 'Loi n.2018-024' nor 'Ordonnance n.2015-032/P-RM du 19 juin 2015' appears in the visas of any Malian LBC/FT instrument located. — source
- [aml] False since 30 August 2024. Ordonnance n.2024-011/PT-RM defines 'actif virtuel' expressly at art. 2(2) ('La representation numerique d'une valeur qui peut etre echangee ou transferee par un procede numerique') and 'prestataire de services d'actifs virtuels' at art. 2(51), covering exchange fiat/VA, VA-to-VA exchange, transfer, custody and administration of virtual assets, and participation in/provision of financial services related to virtual-asset offerings. Art. 3(c) makes PSAV assujettis in their own right, and arts. 58-59 address them directly. No interpretive stretch of 'financial institution' is needed or appropriate - art. 2 defines institutions financieres separately from PSAV. The claim was accurate of the predecessor Loi n.2016-008 du 17 mars 2016 only. — source
Malta
- [custody] Virtual Financial Assets Act (VFAA), 2018: Core pre-MiCA framework (https://legislation.mt/eli/cap/647/eng – note: linked to Markets in Crypto-Assets Act). — source
- [custody] Virtual Financial Assets Regulations and VFA Rulebook: Detail custody/segregation (MFSA-issued). — source
- [custody] Markets in Crypto-Assets Act (Cap. 647): MiCA implementation (https://legislation.mt/eli/cap/647/eng). — source
- [custody] Act XIV of 2024: Stablecoin titles (ARTs/EMTs). — source
- [licensing] Exchanges (e.g., crypto trading platforms, OTC, brokerage): Class 4 VFA Services Licence covering reception/transmission, execution of orders, and exchange services. — source
Marshall Islands
- [aml] Anti-Money Laundering and Counter-Terrorism Financing Act 2018 (AML/CTF Act 2018): This Act forms the cornerstone of the RMI's regulatory regime. It mandates financial institutions, including VASPs, to implement robust AML/CTF programs, which explicitly cover sanctions compliance. — source
- [aml] Financial Intelligence Unit Act 2006 (as amended): Establishes the RMI Financial Intelligence Unit (FIU), which is the primary body responsible for receiving, analyzing, and disseminating financial intelligence related to money laundering, terrorism financing, and other serious offenses, including sanctions violations. — source
- [aml] Digital Asset Secured Transaction Act 2023 (DASTA 2023): While primarily focused on property rights and the legal framework for digital assets as collateral, DASTA acknowledges and interacts with the broader regulatory environment for digital assets, implying that entities dealing with digital assets must comply with existing AML/CTF and sanctions laws. — source
- [aml] Reference: Republic of the Marshall Islands Digital Asset Secured Transaction Act 2023. Available via International Registry of the Marshall Islands (IRI) or similar legal resource providers. Example of IRI link to DASTA related info. — source
- [aml] As a member state of the United Nations, the RMI is obligated to implement sanctions resolutions passed by the UN Security Council (UNSC). — source
Mauritania
- [aml] Law N° 2013-030 of 17 July 2013 on Combating Money Laundering and Terrorist Financing (Loi n° 2013-030 du 17 juillet 2013 relative à la lutte contre le blanchiment de capitaux et le financement du terrorisme). — source
- [aml] For Natural Persons: Obtain and verify the customer's identity using reliable, independent source documents, data, or information (e.g., national ID card, passport, residence permit). This includes full name, date of birth, place of birth, address, and nationality. — source
- [aml] For Legal Entities/Arrangements: Obtain and verify the legal entity's name, legal form, proof of incorporation/existence, address of registered office, names of directors/partners, and provisions regulating the power to bind the entity. — source
- [aml] Beneficial Ownership Identification: Identify and take reasonable measures to verify the identity of the beneficial owner(s) of the customer, including for legal entities and arrangements (e.g., trusts). This typically involves identifying individuals who ultimately own or control more than a specified percentage (e.g., 25%) of the entity. — source
- [aml] Purpose and Intended Nature of Business Relationship: Understand and, where appropriate, obtain information on the purpose and intended nature of the business relationship or occasional transaction. — source
Mauritius
- [aml] The Virtual Asset and Initial Token Offering Services Act 2021 (VAITOS Act 2021): This is the cornerstone legislation specifically regulating virtual assets and VASPs. It designates VASPs as "reporting entities" and brings them under the scope of AML/CFT obligations. It provides for the licensing, regulation, and supervision of VASPs by the Financial Services Commission (FSC). — source
- [aml] The Financial Intelligence and Anti-Money Laundering Act 2002 (FIAMLA 2002) (as amended): This is the overarching AML/CFT legislation in Mauritius. It establishes the general AML/CFT framework, defines "money laundering," sets out the obligations of reporting entities (including VASPs by virtue of the VAITOS Act), and empowers the Financial Intelligence Unit (FIU). — source
- [aml] The Prevention of Terrorism Act 2002 (POTA 2002) (as amended): This Act provides the legal framework for combating the financing of terrorism and related offenses. — source
- [aml] FSC Rules for Virtual Asset and Initial Token Offering Services 2022: These rules, issued by the FSC under the VAITOS Act, provide detailed requirements for VASPs, including specific AML/CFT obligations. — source
- [aml] FSC Guide to Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) for Licensed Institutions: While a general guide, it applies to all licensed entities, including VASPs, providing guidance on implementing AML/CFT programs. — source
Mexico
- [aml] Cryptocurrency and digital assets are legal in Mexico, but the regulatory framework is still developing, with a focus on Anti-Money Laundering (AML) obligations rather than comprehensive market conduct regulation Acute Myeloid Leukemia Treatment - NCI — source
- [aml] The primary regulator for AML purposes is the Secretaría de Hacienda y Crédito Público (SHCP), which has issued specific rules for virtual asset service providers under Mexico's AML law Experion MX — source
- [aml] While a licensing regime exists for virtual asset activities, as of 2025–2026, no entities have been granted full authorization to operate as virtual asset custodians or exchanges under the Fintech Law AML Obligations for Non-Custodial Crypto Wallets: A Functional Comparison of MiCA and U.S. Law — source
- [aml] Mexico's AML framework applies to virtual asset activities through the Ley Federal para la Prevención e Identificación de Operaciones con Recursos de Procedencia Ilícita (LFPIORPI), but practical implementation remains uneven, with many crypto businesses operating in a gray zone Rights and Obligations of Americans in Mexico in Immigration Law and in Other Areas of Mexican Law — source
- [aml] The practical reality is that crypto businesses face significant uncertainty, as the AML obligations are clear on paper but enforcement and licensing processes are slow and opaque Mexico News | Today's Latest Stories | Reuters — source
Micronesia
- [licensing] No Explicit Test: The FSM does not have an explicit "Howey Test equivalent" for cryptocurrency tokens. — source
- [licensing] Likely Implicit Application of Common Law Principles: Due to historical ties and influence, the FSM's legal system often draws from U.S. common law principles. Therefore, if a court or regulator in the FSM were to assess whether a crypto token constitutes a security, it would most likely implicitly apply a functional test very similar to the U.S. Howey Test. — source
- [licensing] The Howey Test (U.S. Standard): An "investment contract" (and thus a security) exists if there is: — source
- [licensing] An investment of money (or other assets). — source
- [licensing] With an expectation of profits. — source
Moldova
- [aml] Law No. 308 of 22 December 2017 on preventing and combating money laundering and terrorist financing (Legea Nr. 308 din 22.12.2017 privind prevenirea și combaterea spălării banilor și finanțării terorismului): — source
- [aml] This is Moldova's primary AML/CFT law. — source
- [aml] It defines the general obligations for reporting entities, the role of the Financial Intelligence Unit (FIU), and the overall framework for AML/CFT compliance. — source
- [aml] Crucially, this law was amended to include VASPs as "reporting entities" (subiecți raportori) following the adoption of Law No. 182. — source
- [aml] Law No. 182 of 21 July 2022 on the regulation of virtual assets (Legea Nr. 182 din 21.07.2022 privind reglementarea activelor virtuale): — source
Monaco
- [aml] Service d'Information et de Contrôle sur les Circuits Financiers (SICCFIN): This is Monaco's Financial Intelligence Unit (FIU) and the primary administrative authority responsible for combating money laundering, terrorist financing, and corruption. It supervises AML/CFT compliance for all financial sectors, including virtual assets. — source
- [aml] Monaco's specific regulatory framework for Virtual Asset Service Providers (VASPs) is not yet in place; the government has announced plans to introduce a new crypto framework by the end of 2026 to address gaps in its anti-money laundering regime. — source
- [aml] Law No. 1.516 of 23 December 2021 on virtual assets, as amended by Law No. 1.575 of 17 June 2025 — source
- [aml] Sovereign Ordinance No. 9.206 of 7 March 2022 implementing Law No. 1.516, which requires VASPs to obtain prior approval from the Minister of State after consulting the Commission de Contrôle des Activités Financières (CCAF) and to comply with AML/CFT obligations under the supervision of SICCFIN. — source
- [aml] Enforcement in Monaco includes highly publicized, large-scale fines against specific entities, such as the €6 million fine imposed on UBS for compliance failures, alongside administrative warnings, corrective orders, or private settlements. — source
Mongolia
- [aml] Law on Combating Money Laundering and Terrorism Financing (LMLCFT): This is the main AML/CFT law in Mongolia, originally adopted in 2013 and subsequently amended (e.g., in 2018 and 2021) to incorporate FATF recommendations, including those related to virtual assets. It establishes the legal framework for identifying, freezing, and confiscating assets obtained from criminal activities, as well as preventing the financing of terrorism. — source
- [aml] Note: The Mongolian government, through various bodies, has issued specific regulations and guidance to clarify the application of this law to VASPs. — source
- [aml] Financial Regulatory Commission (FRC) Resolutions and Regulations: The FRC is the primary regulator for non-banking financial services, including VASPs. They issue specific regulations, resolutions, and licensing requirements that detail how the LMLCFT applies to virtual asset businesses. — source
- [aml] For instance, the FRC Resolution No. 278 (2021) outlines detailed VASP licensing requirements, including robust AML/KYC frameworks. — source
- [aml] For Individuals: Obtain and verify the client's full name, date of birth, place of birth, nationality, permanent address, and unique identification number (e.g., national ID card number, passport number). Verification must be done using reliable, independent source documents, data, or information. — source
Montenegro
- [aml] Law on Prevention of Money Laundering and Terrorism Financing (Zakon o sprječavanju pranja novca i finansiranja terorizma): This is the primary legislation. While an official English translation with a direct URL might be hard to find, the official Montenegrin legal gazette (Službeni list Crne Gore) publishes it. The most relevant amendments were made in 2021 to address virtual assets. — source
- [aml] Custody and/or administration of virtual assets or instruments enabling control over virtual assets. — source
- [aml] Participation in and provision of financial services related to an issuer's offer and/or sale of a virtual asset. — source
- [aml] Exchanges between virtual assets and fiat currencies. — source
- [aml] Exchanges between one or more forms of virtual assets. — source
Morocco
- [aml] Prohibition/Lack of Legal Framework: BAM views cryptocurrencies as operating outside of the legal and regulatory framework for financial transactions in Morocco, exposing users to significant risks. This means that operating a Virtual Asset Service Provider (VASP) or conducting significant crypto-related business within Morocco itself could be deemed illegal or at least highly unregulated and risky. — source
- [aml] Ongoing Discussions: While BAM has been cautious, there have been reports and statements indicating that the central bank is exploring the potential for regulating cryptocurrencies or issuing a Central Bank Digital Currency (CBDC). However, no definitive legal framework or authorization for private cryptocurrencies or VASPs has been put in place. — source
- [aml] Bank Al-Maghrib Communiqués: While specific URLs may change, BAM has consistently issued warnings. An example of their stance can often be found in official press releases or on their website (e.g., in French: "Bank Al-Maghrib met en garde contre l'utilisation des monnaies virtuelles"). You may need to search their official website for the latest statements: Bank Al-Maghrib Official Website — source
- [aml] U.S. persons (citizens, permanent residents, entities organized under U.S. law, and persons within the U.S.). — source
- [aml] Transactions that touch the U.S. financial system or involve a U.S. nexus (e.g., using a U.S.-based exchange, intermediary, or software). — source
Mozambique
- [aml] Extraterritorial Reach: Sanctions regimes apply based on jurisdiction, currency used (e.g., USD for OFAC, EUR for EU), location of servers, nationality of participants, or nexus to sanctioned entities/persons. — source
- [aml] FATF Standards: Mozambique is a member of the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG), which is an associate member of the Financial Action Task Force (FATF). FATF Recommendations explicitly cover virtual assets and VASPs, requiring them to implement AML/CFT measures, including targeted financial sanctions. — source
- [aml] Applicability: Applies to U.S. persons (including citizens, permanent residents, entities organized under U.S. law, and those located in the U.S.), U.S. financial institutions, and potentially any foreign entity that uses the U.S. financial system or facilitates transactions involving sanctioned persons or territories. Crypto transactions involving USD or U.S.-based crypto exchanges fall under OFAC's purview. — source
- [aml] Sanctioned Entity Screening: Screening all users and counterparties against the Specially Designated Nationals and Blocked Persons (SDN) List and other OFAC sanctions lists. This includes applying the "50% rule" (entities owned 50% or more by one or more blocked persons are also considered blocked). — source
- [aml] Geographic Restrictions: Prohibiting transactions directly or indirectly involving comprehensively sanctioned jurisdictions (e.g., Cuba, Iran, North Korea, Syria, certain regions of Ukraine). — source
Myanmar
- [aml] Reference: While specific, readily accessible CBM official statements on their website regarding a complete ban can be challenging to find due to website dynamics and political changes, numerous news outlets and financial intelligence reports confirm the CBM's prohibitive stance. For example, reports often cite CBM warnings dating back to 2020 or earlier, reiterated in subsequent periods, stating that cryptocurrencies are illegal in Myanmar. — source
- [aml] Effective Date: Not applicable. Since the Travel Rule has not been adopted, there is no effective date. — source
- [aml] Threshold Amounts: Not applicable. Without adoption, there are no defined threshold amounts for the Travel Rule. — source
- [aml] Which VASPs are Covered: Not applicable. Myanmar does not have a regulated VASP sector. Any entities engaging in virtual asset services would likely be operating outside of legal frameworks or potentially in violation of existing regulations regarding financial services. — source
- [aml] Technical Implementation Requirements: Not applicable. No regulatory framework means no technical implementation requirements for the Travel Rule. — source
Namibia
- [aml] Namibia's AML/CFT framework rests on the Financial Intelligence Act 13 of 2012, which establishes the Financial Intelligence Centre and imposes registration, customer due diligence, record-keeping and reporting duties on accountable and reporting institutions; its amending instruments are the Prevention and Combating of Terrorist and Proliferation Activities Act 4 of 2014, Government Notice 339 of 2019 amending Schedule 1, the Abolition of Payment by Cheque Act 16 of 2022 and the Financial Intelligence Amendment Act 6 of 2023, effective 21 July 2023. No Financial Intelligence Amendment Act of 2017 exists, Act 2 of 2017 being the Access to Biological and Genetic Resources and Associated Traditional Knowledge Act. — source
- [aml] Namibia's Financial Intelligence Regulations were made under section 73(2) of the Financial Intelligence Act 13 of 2012 and published as Government Notice 3 of 2015 in Government Gazette 5658, in operation from 28 January 2015, and were amended by Government Notice 48 of 2021 and Government Notice 271 of 2023; no Financial Intelligence Regulations of 2017 were made. The Regulations prescribe the identification particulars for natural persons in regulation 6 and for companies and trusts in regulations 7 and 10, enhanced due diligence in regulation 15(3), a five-year record retention period in regulation 18(5), cash-reporting thresholds of N$99 999.99 and N$24 999.99 in regulation 23 and the originator and beneficiary particulars for reportable transfers in regulation 32. — source
- [aml] Namibia's Prevention of Organised Crime Act 29 of 2004 creates the money-laundering, racketeering and criminal-gang offences and the confiscation, forfeiture and asset-recovery regime for proceeds of unlawful activities, and it has been amended by the Prevention of Organised Crime Amendment Act 10 of 2008, the Combating of Trafficking in Persons Act 1 of 2018 and the Prevention of Organised Crime Amendment Act 9 of 2023, which took effect on 28 July 2023. — source
- [aml] Natural Persons: Obtain full name, date of birth, residential address, nationality, identification number (e.g., national ID, passport). Verify identity using reliable, independent source documents, data, or information (e.g., government-issued ID, utility bills). — source
- [aml] Legal Persons/Arrangements (Companies, Trusts): Obtain name, legal form, proof of existence, powers that regulate and bind the legal person/arrangement, and the names of relevant persons holding senior management positions. — source
Nauru
- [aml] Exchange between virtual assets and fiat currencies. — source
- [aml] Exchange between one or more forms of virtual assets. — source
- [aml] This explicitly covers cryptocurrency exchanges. — source
- [aml] Safekeeping and/or administration of virtual assets or instruments enabling control over virtual assets. — source
- [aml] This explicitly covers virtual asset custody services. — source
Nepal
- [aml] Nepal is listed as a "Jurisdiction under Increased Monitoring" by the FATF as of 19 June 2026, meaning it is actively working with the FATF to address strategic deficiencies in its regimes to counter money laundering, terrorist financing, and proliferation financing FATF Nepal — source
- [aml] The FATF identifies Nepal under increased monitoring, with the most recent statement dated 19 June 2026, and previous updates on 13 February 2026 and 24 October 2025 FATF Nepal — source
- [aml] Nepal's progress in strengthening measures to tackle money laundering and terrorist financing was analyzed in a follow-up report dated 22 May 2026, which examines the country's progress in addressing technical compliance deficiencies identified in its Mutual Evaluation Report FATF Nepal — source
- [aml] The FATF follow-up report from 22 May 2026 specifically addresses Nepal's progress in addressing technical compliance deficiencies identified in its MER FATF Nepal — source
- [aml] Nepal is a member of the Asia/Pacific Group on Money Laundering (APG), which is part of the FATF Global Network of regional bodies FATF Nepal — source
Netherlands
- [general] Customer Due Diligence (CDD): The Netherlands mandates robust CDD procedures for financial institutions to identify and mitigate the risks associated with money laundering and terrorist financing. This includes verifying customer identities, assessing risk levels, and monitoring transactions. — source
- [general] Source: Customer due diligence against money laundering and ... — source
- [general] FinCEN’s Guidance: The Financial Crimes Enforcement Network (FinCEN) provides guidelines that influence Dutch practices, emphasizing the importance of comprehensive CDD measures and ongoing monitoring. — source
- [general] Source: Combating money laundering and fraud — source
- [general] Advanced Analytics: Dutch banks employ sophisticated analytics tools to detect suspicious patterns in transactions, enabling proactive measures against illicit financial activities. — source
New Zealand
- [aml] Anti-Money Laundering and Countering Financing of Terrorism Act 2009: https://www.legislation.govt.nz/act/public/2009/0035/latest/DLM2140700.html — source
- [aml] If the crypto-asset being held constitutes a "financial product" (e.g., a security, managed investment product, or a derivative) as defined under the Financial Markets Conduct Act 2013 (FMC Act), then providing custody services for it would likely require FSP registration and compliance with the FMC Act's requirements for custodians of those specific financial products. — source
- [aml] If the service involves other regulated financial services (e.g., acting as a trustee or offering managed investment services that include crypto), FSP registration is required. — source
- [aml] Financial Service Providers (Registration and Dispute Resolution) Act 2008: https://www.legislation.govt.nz/act/public/2008/0088/latest/DLM1419400.html — source
- [aml] FMA Guidance on the Application of Financial Markets Law to Crypto-assets (Dec 2021): (You'll need to search the FMA website for the most recent version, typically under "Guidance notes" or "Publications"). The key takeaway is how a crypto-asset maps to existing financial product definitions. Example search result: https://www.fma.govt.nz/news-and-resources/media-releases/fma-releases-new-guidance-on-crypto-assets/ (This links to a media release about the guidance, the full guidance document is usually linked within or discoverable via FMA site search). — source
Nicaragua
- [aml] Nicaragua has not enacted specific legislation governing cryptocurrency or digital assets as of 2025–2026, leaving virtual asset service providers (VASPs) in a regulatory gray area. Nicaragua — source
- [aml] The primary AML/CFT regulator is the Financial Analysis Unit (UAF), which operates under the direction of active military and police officials and has been instrumentalized for political repression rather than genuine financial oversight. Treasury Sanctions Nicaraguan Officials Enabling the Murillo-Ortega Dictatorship’s Repression | U.S. Department of the Treasury — source
- [aml] No licensing regime exists for cryptocurrency businesses; no entity has been licensed to operate as a VASP in Nicaragua, and there is no public pathway to obtain such a license. Nicaragua — source
- [aml] Nicaragua was removed from FATF's "grey list" (increased monitoring) in October 2022, but its last mutual evaluation was in October 2017, with the next onsite visit not expected until May 2028. Nicaragua — source
- [aml] The practical reality is that crypto businesses operate without clear legal protection or regulatory certainty, while the UAF's focus is on monitoring foreign inflows to block financing to opposition groups rather than implementing legitimate AML oversight. Treasury Sanctions Nicaraguan Officials Enabling the Murillo-Ortega Dictatorship’s Repression | U.S. Department of the Treasury — source
Niger
- [aml] Niger is not subject to any 'BCEAO Regulation N°09/2020/CM/UEMOA of 25 September 2020' — no such instrument exists. The regional layer is the UMOA Loi uniforme LBC/FT/FP du 31 mars 2023 (which superseded Directive n° 02/2015/CM/UEMOA), adopted by the UMOA Council of Ministers, not by the BCEAO. Niger transposed it into national law by Ordonnance n° 2024-56 du 19 décembre 2024 relative à la LBC/FT/PADM. — source
- [aml] Correct that no dedicated VASP travel-rule regime exists in Niger. But the premise is wrong twice: the instrument relied on does not exist (see idx 0), and the originator/beneficiary rules of the uniform law (arts. 39-47, as transposed by Ordonnance n° 2024-56) are drafted for 'institutions financières', which art. 2(41) defines separately from PSAV — so the framework does not even indirectly extend the travel rule to virtual-asset transfers. — source
- [aml] 'BCEAO Instruction N°003/2021/RB of 16 April 2021' does not exist — BCEAO instructions are numbered nnn-mm-yyyy (e.g. 008-05-2015) and never carry an /RB suffix; it appears in neither the BCEAO LBC/FT index nor the payment-systems index. The instrument actually governing e-money is Instruction n° 008-05-2015 du 21 mai 2015, which contains no reference whatsoever to crypto-actifs or actifs virtuels and imposes no prohibition on dealing in virtual assets. No BCEAO instrument bans or restricts virtual assets; BCEAO has issued warnings only, and created the C-CRYPTO drafting committee in May 2026. — source
- [aml] Therefore, while Niger's AML/CFT framework indirectly covers the principles, a direct, explicit "Travel Rule" legislation specifically tailored for virtual assets and their unique characteristics, requiring VASP-to-VASP information sharing, has not been fully established or publicly detailed for Niger. — source
- [aml] No 'Regulation N°09/2020/CM/UEMOA' was adopted in September 2020 or at any time. What Niger integrated is the 31 March 2023 UMOA uniform law, transposed by Ordonnance n° 2024-56 du 19 décembre 2024 (published on CENTIF-Niger's legislative register alongside Ordonnance n° 2024-57 du 19 décembre 2024 portant réglementation bancaire au Niger). — source
Nigeria
- [enforcement] Regulator: Economic and Financial Crimes Commission (EFCC) — source
- [enforcement] Entity Targeted: Over 1,100 (specifically 1,146) bank accounts of crypto traders and peer-to-peer merchants. Violation Type: Foreign-exchange racketeering, currency (naira) manipulation, money laundering, terrorism financing. Penalty Amount: Not specified (accounts frozen, no fines detailed). — source
- [enforcement] Date: Accounts frozen as part of an ongoing investigation starting early 2024; court order obtained by April 2024 (90-day investigation period noted) — source
- [enforcement] Outcome: Accounts frozen pending investigation completion; EFCC part of interagency task force probing naira manipulation linked to platforms like Binance. Investigation ongoing with potential blocks on fund retrieval even if court-ordered — source
- [enforcement] Central Bank of Nigeria (CBN) introduced strict AML checks on crypto firms (2024-2026), but no entities, penalties, or outcomes specified. — source
North Korea
- [aml] Reference: FATF High-Risk Jurisdictions (updated regularly): https://www.fatf-gafi.org/countries/#high-risk-jurisdictions — source
- [aml] Reference: FATF Guidance for a Risk-Based Approach to Virtual Assets and Virtual Asset Service Providers (March 2023 update): https://www.fatf-gafi.org/content/fatf-gafi/en/publications/Fatfrecommendations/Guidance-rba-virtual-assets-vasps-2023.html — source
- [aml] UN Sanctions: North Korea is subject to extensive sanctions imposed by the United Nations Security Council (UNSC) due to its nuclear and ballistic missile programs. These sanctions severely restrict its access to the international financial system. — source
- [aml] Reference: UNSC 1718 Sanctions Committee (DPRK): https://www.un.org/securitycouncil/sanctions/1718 — source
- [aml] National Sanctions: Countries like the United States (through OFAC), the European Union, and others implement their own robust sanctions regimes against North Korea, targeting individuals, entities, and financial institutions involved in supporting the DPRK regime's illicit activities. — source
North Macedonia
- [enforcement] Entity Targeted: General public, financial institutions under NBRSM supervision (banks, savings houses). Violation Type: While not a "violation" in the traditional sense, the NBRSM has consistently warned against the risks associated with cryptocurrencies and explicitly prohibited supervised financial institutions from dealing with them. This sets the regulatory boundary. Penalty Amount: N/A (This is a regulatory warning/stance, not a direct penalty for a specific breach by a regulated entity). Outcome: Heightened public awareness of crypto risks, reinforced prohibition for traditional financial institutions, setting a cautious regulatory tone. The NBRSM maintains that cryptocurrencies are not legal tender and do not fall under its regulatory supervision. — source
- [enforcement] Entity Targeted: Individuals and organized groups operating illegal cryptocurrency mining farms. Violation Type: Theft of electricity, unauthorized connection to the electrical grid, potential charges for tax evasion, and sometimes organized crime. Penalty Amount: Seizure of expensive mining equipment (estimated value often in the hundreds of thousands of Euros), criminal charges, potential imprisonment, and financial penalties for stolen electricity. Specific penalty amounts vary per case and conviction. Outcome: Arrests of individuals, confiscation of mining hardware, disruption of illegal operations, and ongoing criminal proceedings. These actions highlight the MVR's focus on economic crime related to crypto. — source
- [enforcement] Entity Targeted: Individuals and criminal groups involved in online fraud schemes often utilizing cryptocurrencies for payments or as the subject of the scam (e.g., fake investment platforms). Violation Type: Computer fraud, money laundering, organized crime. Penalty Amount: Seizure of assets, criminal charges, potential imprisonment, and restitution if convicted. Specific amounts are often under investigation or determined at conviction. Outcome: Arrests, ongoing investigations, disruption of fraudulent networks. The MVR regularly issues warnings about various online scams, many of which now involve cryptocurrency. While a single "major bust" focusing solely on crypto fraud with a public, finalized penalty within the last 3 years is hard to isolate from ongoing investigations, the MVR's continuous alerts and smaller-scale arrests demonstrate active enforcement. — source
- [enforcement] Outcome: Heightened public awareness of crypto risks, reinforced prohibition for traditional financial institutions, setting a cautious regulatory tone. The NBRSM maintains that cryptocurrencies are not legal tender and do not fall under its regulatory supervision. — source
- [enforcement] Outcome: Arrests of individuals, confiscation of mining hardware, disruption of illegal operations, and ongoing criminal proceedings. These actions highlight the MVR's focus on economic crime related to crypto. — source
Norway
- [aml] VASP Registration: Companies that provide services for the exchange or custody of virtual assets are considered "virtual asset service providers" (VASPs) and must register with Finanstilsynet. This is an AML/CTF (Combatting the Financing of Terrorism) registration, not a full financial services license in the traditional sense, unless the specific virtual asset qualifies as a financial instrument under other legislation. — source
- [aml] Requirements for Registration: To register, companies must demonstrate compliance with the Money Laundering Act, which includes: — source
- [aml] Establishing robust internal control systems for AML/CTF. — source
- [aml] Performing customer due diligence (CDD) procedures. — source
- [aml] Monitoring transactions for suspicious activity. — source
Oman
- [enforcement] Central Bank of Oman (CBO): Has consistently issued warnings against dealing in cryptocurrencies for financial institutions under its supervision, citing risks such as volatility, money laundering, and lack of regulatory oversight. These warnings essentially act as a prohibition for banks and payment service providers. While these warnings are a form of regulatory action, they haven't been followed by publicly disclosed, named enforcement actions with specific fines against a particular entity for crypto-related violations that are distinct from broader financial regulations. — source
- [enforcement] Capital Market Authority (CMA): This is where the most significant development has occurred recently. The CMA has been working on and recently issued a regulatory framework for Virtual Assets, marking a shift towards controlled legitimization rather than outright prohibition in certain sectors. — source
- [enforcement] CBO Warnings against Crypto (Ongoing/Recurring) — source
- [enforcement] Regulator Name: Central Bank of Oman (CBO) — source
- [enforcement] Entity Targeted: Financial institutions regulated by CBO (e.g., banks, payment service providers) and the general public. Violation Type (Implied): Engaging in or facilitating cryptocurrency transactions, promoting crypto investments, or operating without proper licenses/oversight. These warnings aim to prevent such activities. Penalty Amount: Not applicable to a general warning. Any penalties for non-compliance by regulated entities would fall under existing financial regulations, but specific crypto-related fines haven't been publicly detailed. — source
Pakistan
- [aml] Anti-Money Laundering Act, 2010 (AMLA 2010): This is the overarching legislation that criminalizes money laundering and provides the legal basis for AML/CFT measures in Pakistan. It mandates reporting obligations for financial institutions and designated non-financial businesses and professions (DNFBPs). — source
- [aml] AMLA 2010 Link (often found on FMU or Ministry of Law & Justice websites) (PDF link to FMU website) — source
- [aml] Anti-Money Laundering (AML) Regulations, 2015: Issued by the State Bank of Pakistan under the AMLA 2010, these regulations provide detailed guidelines to financial institutions on implementing AML/CFT measures. — source
- [aml] SBP AML Regulations 2015 Link (often found on SBP website) (PDF link to SBP website) — source
- [aml] SBP CDD / KYC Regulations, 2022 (BPRD Circular No. 04 of 2022): This is a critical development. The State Bank of Pakistan, through its Banking Policy & Regulations Department (BPRD), issued comprehensive Customer Due Diligence (CDD) / Know Your Customer (KYC) Regulations, 2022. These regulations explicitly define and include "Virtual Asset Service Providers" (VASPs) as a type of entity that must comply with AML/CFT requirements, effectively bringing them under the regulatory ambit. — source
Palau
- [aml] FATF Recommendation 15 specifically addresses new technologies, including virtual assets and VASPs, requiring them to be regulated for AML/CFT purposes, licensed or registered, and subject to effective monitoring. This includes compliance with targeted financial sanctions. — source
- [aml] FATF Recommendation 6 mandates countries to implement targeted financial sanctions related to terrorism and terrorist financing, and Recommendation 7 for proliferation financing, in line with UN Security Council resolutions. — source
- [aml] Compliance Requirement: Palau's national laws, particularly its Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT) Act, incorporate and enforce UNSC resolutions. VASPs operating in or with Palau are legally obligated to comply with these sanctions. — source
- [aml] Asset Freezing: Immediately freeze funds and other assets belonging to individuals and entities designated by the UNSC. — source
- [aml] Prohibition of Services: Prevent financial and non-financial services, including virtual asset transfers, from being made available, directly or indirectly, to or for the benefit of sanctioned parties. — source
Palestine
- [aml] Measures to combat money laundering and terrorist financing in Palestine — source
- [aml] Minister of Economy and Tourism and Governor ... — source
- [aml] Palestinian Tax Authority guidelines on AML incentives (2023) — source
- [custody] Palestinian Monetary Authority (PMA) — Official Website (including the PMA's 2018, 2022, and 2023 circulars and notices on digital assets) — source
- [custody] Palestinian Ministry of Finance — Official Website — source
Panama
- [aml] Law 23 of April 27, 2015 (Ley 23 de 27 de abril de 2015): This is the foundational AML/CFT law in Panama. It adopted measures to prevent money laundering, financing of terrorism, and financing of the proliferation of weapons of mass destruction. It established the Financial Analysis Unit (UAF) and defined "obligated subjects" (sujetos obligados), which, through subsequent interpretations and amendments, have come to include VASPs. This law sets general obligations for customer due diligence, suspicious transaction reporting, and record-keeping. — source
- [aml] Executive Decree 44 of April 15, 2016 (Decreto Ejecutivo N° 44 de 15 de abril de 2016): This decree complements Law 23, providing detailed regulations for its application, including specific procedures for due diligence, risk assessment, and internal controls for obligated subjects. — source
- [aml] Law 1 of January 5, 2024 (Ley No. 1 de 5 de enero de 2024): This is the most crucial and recent piece of legislation specifically for virtual assets. It amends Law 23 of 2015 and other related laws to define virtual assets and virtual asset service providers (VASPs), establish a licensing and supervision regime, and explicitly subject VASPs to AML/CFT obligations under the supervision of the Superintendency of Banks of Panama (SBP). This law ensures Panama's compliance with FATF Recommendation 15 on new technologies and VASPs. — source
- [aml] Role: With the enactment of Law 1 of 2024, the SBP is now the primary regulatory and supervisory authority responsible for the licensing, authorization, and oversight of VASPs in Panama. This includes ensuring their compliance with AML/CFT requirements, operational standards, and consumer protection. — source
- [aml] Role: The UAF is Panama's Financial Intelligence Unit (FIU). It is responsible for receiving, analyzing, and disseminating suspicious transaction reports (STRs) and other relevant financial intelligence to combat money laundering, terrorism financing, and the financing of the proliferation of weapons of mass destruction. VASPs, as obligated subjects, must report suspicious activities directly to the UAF. — source
Papua New Guinea
- [aml] Anti-Money Laundering and Counter Terrorist Financing Act 2015 (AML/CTF Act 2015): This Act provides the legal basis for identifying, freezing, and confiscating assets related to money laundering and terrorist financing. It obligates financial institutions and designated non-financial businesses and professions (DNFBPs) to implement AML/CTF measures. While it pre-dates specific crypto regulation, its broad definitions and principles are applied to virtual asset activities where deemed appropriate by regulators. — source
- [aml] Note: Finding a publicly accessible, definitive online link for the most current version of PNG legislation can sometimes be challenging. Often, these are available through official government gazettes or legal databases. — source
- [aml] Reference: Anti-Money Laundering and Counter Terrorist Financing Act 2015 (No. 4 of 2015). It can often be found on legal databases like PACLII (Pacific Legal Information Institute): http://www.paclii.org/pg/legis/consol_act/amlact2015408/ (This link may lead to an older version, direct legislative publication is preferred). — source
- [aml] Terrorism Act 2002 (and subsequent amendments): This Act provides specific provisions related to terrorist financing and the designation of terrorist entities. — source
- [aml] Reference: Terrorism Act 2002. Again, often available via PACLII or official sources. — source
Paraguay
- [aml] Law No. 6903/2022 ("Ley que regula la industria y comercialización de criptoactivos") was the initial, comprehensive attempt to regulate crypto mining and commercialization. — source
- [aml] However, this law faced challenges and was repealed and replaced by Law No. 7041/2023 in January 2023. Law No. 7041/2023 itself underwent a presidential veto primarily regarding crypto mining, which was then overridden by the Congress. This law mainly focuses on the energy consumption and commercialization aspects related to crypto mining, rather than a broad licensing regime for VASPs. — source
- [aml] SEPRELAD (Secretaría de Prevención de Lavado de Dinero o Bienes): This is the key regulatory body for AML/CFT compliance for virtual assets. SEPRELAD defines Virtual Asset Service Providers (VASPs) and sets forth their obligations. — source
- [aml] Resolution No. 222/2022: This resolution from SEPRELAD specifically established guidelines for the prevention of money laundering and terrorism financing for Virtual Asset Service Providers. It defines what constitutes a VASP and outlines their obligations. — source
- [aml] Resolution No. 24/2023: This resolution modified certain aspects of Resolution No. 222/2022, particularly detailing reporting requirements for VASPs. — source
Peru
- [aml] This is the foundational law establishing the Financial Intelligence Unit of Peru (UIF-Perú) and giving it powers to combat money laundering and terrorist financing. — source
- [aml] Date: Enacted April 12, 2002 (with subsequent modifications). — source
- [aml] This Supreme Decree provides the detailed regulations for implementing Law N° 27693, specifying the obligations of obliged entities, reporting mechanisms, and other operational aspects of the AML/CFT regime. — source
- [aml] This is the key resolution that explicitly designates Virtual Asset Service Providers (VASPs) as obliged entities. It modifies the General Regulations for Risk Management of Money Laundering and Terrorism Financing, issued by the Superintendencia de Banca, Seguros y AFP (SBS). This resolution aligns Peru's framework with the Financial Action Task Force (FATF) Recommendations, particularly Recommendation 15 (R.15) and its Interpretive Note, which mandate the regulation of VASPs. — source
- [aml] Date: Enacted March 1, 2019 (modifying prior regulations). — source
Philippines
- [aml] The Philippines has established a robust anti-money laundering (AML) and counter‑terrorist financing (CFT) framework overseen by the Anti‑Money Laundering Council (AMLC). - Key regulations include Republic Act No. 9160, which mandates customer due diligence (CDD) for financial institutions and other specified entities. — source
- [aml] The AMLC is responsible for implementing and enforcing these laws, collaborating with international bodies such as the Financial Action Task Force (FATF). — source
- [aml] Anti‑Money Laundering Act of 2000 (Republic Act No. 9160): Sets forth obligations for reporting suspicious transactions and defines money laundering offenses. — source
- [aml] Banks and Banking Supervision: The Bangko Sentral ng Pilipinas (BSP) enforces AML/CFT rules for banks under BSP Circular No. 1066. — source
- [aml] Mutual Evaluation Report (2023): Confirms the Philippines' compliance with FATF standards, though gaps in tax‑related money laundering persist. — source
Poland
- [aml] The applying entity must be a legal person, an organizational unit without legal personality, or a natural person conducting business activity. — source
- [aml] Individuals involved in management or ownership must not have been convicted of specific financial crimes or money laundering offenses. — source
- [aml] Proof of knowledge and experience in the field of virtual currencies (e.g., certificate of completion of training, professional experience) is required. — source
- [aml] Regulatory Body: The register is maintained by the Minister of Finance. — source
Portugal
- [aml] The framework was adopted via Law No. 70/2025 (and companion Law No. 69/2025 for MiCA implementation) in December 2025, ensuring national execution of the TFR. — source
- [aml] Specific effective date is not stated in available sources; it applies alongside MiCA transitional rules, with CASPs needing full authorization by July 1, 2026. — source
- [aml] For transactions involving self-hosted wallets, CASPs must request proof of ownership/control for amounts of EUR 1,000 or more (per TFR Chapter III, Section 1, Article 1(5)). — source
- [aml] No general de minimis threshold is explicitly detailed for all transfers beyond this; it aligns with FATF's recommended EUR 1,000 limit, though countries vary implementation. — source
- [aml] Applies to Crypto-Asset Service Providers (CASPs), formally integrated into Portugal's AML regime. — source
Puerto Rico
- [aml] Bank Secrecy Act (BSA) (31 U.S.C. § 5311 et seq.): This is the foundational AML legislation in the U.S. It requires financial institutions (including MSBs/VASPs) to keep records and file reports on certain financial transactions. — source
- [aml] FinCEN Regulations (31 CFR Chapter X): FinCEN, a bureau of the U.S. Department of the Treasury, issues regulations implementing the BSA. — source
- [aml] Guidance on Application of FinCEN's Regulations to Persons Administering, Exchanging, or Using Virtual Currencies (FIN-2013-G001, March 18, 2013): This initial guidance clarified that exchangers and administrators of virtual currency are "money transmitters" under the BSA. — source
- [aml] Application of FinCEN’s Regulations to Certain Business Models Involving Convertible Virtual Currencies (FIN-2019-G001, May 9, 2019): This updated guidance broadened the scope, clarifying that various VASP models (e.g., peer-to-peer exchangers, DApps, anonymity-enhanced coin providers) may also be MSBs. — source
- [aml] Interpretive Ruling on the Application of the BSA to Mixed-Currency Transactions and Other Related Transactions (FIN-2023-R001, October 26, 2023): Clarifies that transactions involving both fiat currency and CVC are covered by BSA requirements. — source
Qatar
- [licensing] No primary legislation governing crypto or Web3 activities in Qatar is referenced in any provided source. Final Hanford Site Transuranic (TRU) Waste Characterization QA Project Plan — source
- [licensing] The source material makes no mention of Qatar's FATF or Moneyval standing. Final Hanford Site Transuranic (TRU) Waste Characterization QA Project Plan — source
- [licensing] No licensing authority for crypto or virtual asset service providers is identified in any provided source. Final Hanford Site Transuranic (TRU) Waste Characterization QA Project Plan — source
- [licensing] The provided sources contain no information on customer due diligence, enhanced due diligence, suspicious transaction reporting, record retention, beneficial ownership, or PEP screening requirements in Qatar. Final Hanford Site Transuranic (TRU) Waste Characterization QA Project Plan — source
- [licensing] No enforcement actions, penalties, fines, arrests, or cases related to crypto in Qatar are referenced in any provided source. Final Hanford Site Transuranic (TRU) Waste Characterization QA Project Plan — source
Romania
- [aml] Regulatory Body: The National Office for Prevention and Control of Money Laundering (Oficiul Național de Prevenire și Combatere a Spălării Banilor - ONPCSB) is the authority responsible for registering and supervising VASPs. — source
- [aml] Legal Basis: Law no. 129/2019 for the prevention and combatting of money laundering and terrorism financing, as subsequently amended and supplemented (transposing AML V). — source
- [aml] Requirement: Providers of exchange services between virtual currencies and fiat currencies, and custodian wallet providers, must register with the ONPCSB. — source
- [aml] Registration Process: Applicants must provide information about their identity, legal form, operational details, internal AML/CFT procedures, risk assessment, and demonstrate that management and beneficial owners are fit and proper. — source
- [aml] Law no. 129/2019: Legea nr. 129/2019 pentru prevenirea și combaterea spălării banilor și finanțării terorismului, precum și pentru modificarea și completarea unor acte normative. — source
Russia
- [general] DFAs are defined as digital rights to monetary claims, rights to participate in the capital of a non-profit organization, rights to demand transfer of securities, or rights to tangible property (e.g., tokenized real assets), but explicitly excluding Russian rubles, foreign currencies, or uncertificated securities. https://www.morganlewis.com/-/media/files/publication/outside-publication/chapter/2021/legal-500-guide_russia-blockchain.pdf — source
- [general] Tokens qualifying as securities must meet the Federal Law on Securities Market (No. 39-FZ, April 22, 1996) definition: documentary or uncertificated instruments confirming property rights, including shares, bonds, or investment units. https://www.morganlewis.com/-/media/files/publication/outside-publication/chapter/2021/legal-500-guide_russia-blockchain.pdf — source
- [general] Crypto tokens generally are treated as property (not currency or monetary surrogates), per Supreme Court rulings and amendments, enabling their recognition in civil and criminal contexts like laundering cases under Criminal Code Articles 174 and 174.1. https://www.morganlewis.com/-/media/files/publication/outside-publication/chapter/2021/legal-500-guide_russia-blockchain.pdf https://news.bitcoin.com/russias-supreme-court-moves-to-classify-crypto-as-property/ — source
- [general] Tokens representing underlying securities (e.g., tokenized shares or bonds) are securities and must comply with securities laws. https://www.morganlewis.com/-/media/files/publication/outside-publication/chapter/2021/legal-500-guide_russia-blockchain.pdf — source
- [general] Pure utility or payment tokens (e.g., many cryptocurrencies like Bitcoin) are not securities but DFAs or property, subject to DFA rules if issued domestically; they cannot be used for domestic payments (ban persists) but are allowed for international trade post-2024 laws. https://www.chainalysis.com/blog/russias-cryptocurrency-legislated-sanctions-evasion/ https://en.wikipedia.org/wiki/Legality_of_cryptocurrency_by_country_or_territory — source
Rwanda
- [aml] Rwanda's operative anti-money-laundering statute is Law nº 001/2025 of 22/01/2025 on the prevention and punishment of money laundering, terrorist financing and the financing of proliferation of weapons of mass destruction, which replaced Law nº 028/2023 of 19/05/2023, itself the repeal of Law nº 75/2019 of 29/01/2020; no Rwandan anti-money-laundering law is numbered 008/2020, and the Financial Intelligence Centre is governed by Law nº 045/2021 of 18/08/2021 as amended by Law nº 002/2025 of 22/01/2025. — source
- [aml] Rwanda's anti-money-laundering obligations rest on Law nº 001/2025 of 22/01/2025, not on any law numbered 008/2020; Law nº 028/2023, which it replaced, contains no reference to virtual assets or virtual asset service providers, and preventive duties for virtual asset businesses were created only by Law nº 023/2026 of 25/05/2026 regulating virtual asset business. — source
- [aml] Law nº 008/2021 of 16/02/2021 governs partnerships, not payment systems; Rwanda's payment-system statute is Law nº 061/2021 of 14/10/2021, which makes no reference to virtual assets, and virtual asset business is licensed by the Capital Market Authority of Rwanda under Law nº 023/2026 of 25/05/2026, the National Bank of Rwanda being confined to monetary and financial-stability oversight and cooperation rather than licensing. — source
- [aml] Law n° 008/2021 of 16/02/2021 governs partnerships and was published in Official Gazette nº Special of 17/02/2021; Rwanda's payment system statute is Law n° 061/2021 of 14/10/2021, and neither law regulates virtual assets or carries anti-money-laundering obligations. — source
- [aml] Rwanda's AML/CFT/CPF implementing regulations are made by the Director General of the Financial Intelligence Centre, and since 28 May 2026 the Capital Market Authority of Rwanda licenses and supervises virtual asset service providers under articles 5, 6 and 10 of Law nº 023/2026, the National Bank of Rwanda being confined to the cooperation functions in article 8. — source
Saint Kitts and Nevis
- [aml] The Eastern Caribbean Central Bank (ECCB) has direct responsibility for regulating and supervising the entire domestic financial sector of St. Kitts and Nevis and the offshore banks in Nevis, and for making recommendations regarding approval of offshore banking licenses. St. Kitts and Nevis - State.gov — source
- [aml] St. Kitts and Nevis is a member of the Caribbean Financial Action Task Force (CFATF), a FATF-style regional body, which conducted its most recent mutual evaluation of the country. St. Kitts and Nevis - State.gov — source
- [aml] The FATF lists St. Kitts and Nevis as being assessed by the CFATF, with the last evaluation completed on 2019-07-01, a possible onsite period of 2022-08-01, and possible plenary discussion on 2022-05-01. Saint Kitts and Nevis - FATF — source
- [aml] The FATF published a follow-up report on 30 January 2026 titled "St Kitts and Nevis' progress in strengthening measures to tackle money laundering and terrorist financing," indicating the country has made some progress in addressing technical compliance deficiencies identified in its 2022 Mutual Evaluation. St Kitts and Nevis' progress in strengthening measures to tackle money laundering and terrorist financing — source
- [aml] A follow-up report was also published on 31 December 2023, again noting some progress in addressing technical compliance deficiencies identified in the 2022 Mutual Evaluation. St Kitts and Nevis' progress in strengthening measures to tackle money laundering and terrorist financing — source
Saint Lucia
- [licensing] any option in respect of a share, stock, bond, debenture or note; — source
- [licensing] any instrument commonly known as a security; — source
- [licensing] any interest commonly known as a security; — source
- [licensing] any document that confers, or evidences, a right to acquire a security; — source
Saint Vincent and the Grenadines
- [aml] Cryptocurrency and digital asset businesses are not explicitly legalized or prohibited under St. Vincent and the Grenadines (SVG) law, but the existing AML/CFT framework applies to all financial activities, including those involving virtual assets. Proceeds of Crime and Money Laundering (Prevention) Act — source
- [aml] The primary regulatory authority for AML/CFT is the National Anti-Money Laundering Committee (NAMLC), operating under the Office of the Prime Minister. NAMLC Clarifies Misrepresentations on Saint Vincent and the Grenadines' AML/CFT Framework — source
- [aml] There is no specific licensing framework for cryptocurrency exchanges or digital asset service providers; the existing regulatory regime requires compliance with the Proceeds of Crime and Money Laundering (Prevention) Act for all covered entities. Proceeds of Crime and Money Laundering (Prevention) Act — source
- [aml] No virtual asset service provider has been granted a license or authorization to operate in SVG under any specific digital asset regime, as no such regime exists. Legislation — source
- [aml] The practical reality is that crypto businesses face significant regulatory uncertainty, with AML obligations applying by analogy to existing financial institution definitions, but no tailored framework or regulator has been designated for digital assets. NAMLC Clarifies Misrepresentations on Saint Vincent and the Grenadines' AML/CFT Framework — source
Samoa
- [aml] Money Laundering Prevention Act 2007 (MLPA 2007): This is the principal AML/CFT legislation. It mandates reporting entities (which typically include VASPs, even if not explicitly named, under broader definitions of financial institutions or through specific guidance/regulations) to implement measures to prevent money laundering and terrorist financing. This includes identifying and freezing assets of designated persons and entities. — source
- [aml] Prevention and Suppression of Terrorism Act 2002 (PSTA 2002): This Act provides the legal basis for preventing and suppressing terrorism financing, including the freezing of assets of designated terrorist individuals and entities as mandated by UN Security Council Resolutions. — source
- [aml] Money Laundering Prevention Act 2007 (MLPA 2007): This is the principal AML/CFT legislation. It mandates reporting entities (which typically include VASPs, even if not explicitly named, under broader definitions of financial institutions or through specific guidance/regulations) to implement measures to prevent money laundering and terrorist financing. This includes identifying and freezing assets of designated persons and entities. — source
- [aml] Legal Reference: Money Laundering Prevention Act 2007 (as amended) — source
- [aml] Money Laundering Prevention Regulations 2017: These regulations provide more detailed requirements for reporting entities, including obligations related to targeted financial sanctions. They specify how entities must implement measures to comply with UN sanctions. — source
San Marino
- [aml] Banca Centrale della Repubblica di San Marino (BCRSM) - The Central Bank of the Republic of San Marino. It is the primary financial regulator responsible for licensing, supervision, and ongoing oversight of virtual asset service providers. — source
- [aml] Legge n. 200 del 19 dicembre 2023 – "Disposizioni per la prevenzione e il contrasto del riciclaggio e del finanziamento del terrorismo, nonché modifiche e integrazioni a leggi in materia di vigilanza prudenziale e di gestione delle crisi degli enti creditizi e finanziari." — source
- [aml] English translation: "Provisions for the prevention and combating of money laundering and terrorist financing, as well as amendments and additions to laws concerning prudential supervision and crisis management of credit and financial institutions." — source
- [aml] Regolamento della Banca Centrale della Repubblica di San Marino n. 2023-01 – "Regolamento in materia di prestatori di servizi relativi ad attività virtuali (VASP)." — source
- [aml] English translation: "Regulation of the Central Bank of the Republic of San Marino No. 2023-01 – Regulation concerning Virtual Asset Service Providers (VASPs)." — source
Sao Tome and Principe
- [aml] Lei n.º 10/2012, de 23 de Agosto (Law No. 10/2012, of August 23): This is the foundational law for the Prevention and Combat of Money Laundering and Terrorism Financing. It establishes the general framework for AML/CFT obligations for financial and non-financial institutions. — source
- [aml] Lei n.º 7/2020, de 16 de Julho (Law No. 7/2020, of July 16): This law amended and republished Law No. 10/2012. Amendments typically reflect updated FATF recommendations and often broaden the scope of obliged entities or strengthen specific requirements (like beneficial ownership or risk-based approaches), which would implicitly apply to emerging sectors like virtual assets. — source
- [aml] For individuals: Obtaining name, address, date of birth, nationality, and a unique identification number (e.g., passport, national ID) and verifying this information using reliable, independent source documents or data. — source
- [aml] For legal entities/arrangements: Obtaining name, legal form, proof of existence, powers that regulate and bind the entity, and the names of relevant persons having senior management positions. — source
- [aml] Beneficial Ownership: Identifying and taking reasonable measures to verify the identity of the beneficial owner(s) of the customer, including natural persons who ultimately own or control the customer, or the natural person on whose behalf a transaction is being conducted. — source
Saudi Arabia
- [aml] Saudi Central Bank - Implementing Regulation to the AML Law (PDF) - Note: PDF currently returns access error — source
- [aml] Saudi Central Bank - AML Laws Page — source
- [aml] Saudi Central Bank - Insurance AML Regulations IIR_4600 (PDF) — source
- [aml] Saudi Central Bank - Official Website (Arabic) — source
- [aml] Saudi Central Bank - Historical Currency Information — source
Senegal
- [aml] Senegal's AML/CFT framework is assessed by the Inter Governmental Action Group against Money Laundering in West Africa (GIABA), which is a FATF-style regional body, and the findings are endorsed by the FATF Senegal's measures to combat money laundering and the financing of terrorism and proliferation. — source
- [aml] The most recent mutual evaluation of Senegal was conducted by GIABA with an on-site visit from 18 September to 4 October 2017, and the report was adopted at the GIABA May 2018 Plenary meeting Senegal's measures to combat money laundering and the financing of terrorism and proliferation. — source
- [aml] Senegal was placed under FATF increased monitoring, but as of 25 October 2024, Senegal is no longer subject to increased monitoring by the FATF Senegal. — source
- [aml] A 2024 follow-up report, published on 23 April 2025, sets out the progress Senegal has made in improving its level of compliance with FATF standards since the 2018 mutual evaluation and ensuing follow-up reports Senegal's progress in strengthening measures to tackle money laundering and terrorist financing. — source
- [aml] The FATF framework for virtual assets is relevant, as the FATF has established recommendations for virtual assets that member and assessed jurisdictions are expected to implement Senegal. — source
Serbia
- [aml] The main preventive law in the AML/CFT area is the Law on the Prevention of Money Laundering and the Financing of Terrorism, published in the Official Gazette of RS, Nos. 113/17 and 91/19 (the "AML/CFT Law"). Laws and regulations - Аdministration for the Prevention of Money Laundering — source
- [aml] The AML/CFT Law establishes the Administration for the Prevention of Money Laundering (APML) as the financial intelligence unit (FIU) of the Republic of Serbia. Laws and regulations - Аdministration for the Prevention of Money Laundering — source
- [aml] The AML/CFT Law lays down customer due diligence (CDD) requirements that obliged entities are required to apply when establishing and during the course of a business relationship. Laws and regulations - Аdministration for the Prevention of Money Laundering — source
- [aml] The AML/CFT Law sets out the responsibilities and powers of the APML and those of other authorities when applying this law. Laws and regulations - Аdministration for the Prevention of Money Laundering — source
- [aml] The AML/CFT Law identifies AML/CFT supervisory authorities which examine compliance with this law by obliged entities and stipulates sanctions for non-compliance. Laws and regulations - Аdministration for the Prevention of Money Laundering — source
Seychelles
- [licensing] Financial Intelligence Unit (FIU), part of the Ministry of Finance and Public Service Delivery, is responsible for overseeing financial crimes, including those related to virtual assets. Website: Seychelles FIU — source
- [licensing] Virtual Assets Services Provider (VASP) Act, Official Instrument No. 12 of 2023, effective from 1st January 2024, establishes the licensing framework for VASPs in Seychelles. Seychelles Virtual Assets Regulation — source
- [licensing] Seychelles is aligning its cryptocurrency regulations with FATF recommendations but has not yet achieved full compliance status as of the latest updates. — source
- [licensing] Demonstrating adherence to anti-money laundering (AML) and counter-terrorism financing (CTF) standards. — source
- [licensing] Maintaining adequate capital reserves, though specific EUR/USD conversion details are not provided in the sources. — source
Sierra Leone
- [aml] The Anti-Money Laundering and Combating of Financing of Terrorism Act, 2018: While an online copy with a direct, stable URL is not readily available through general government searches, this Act is the primary domestic legislation for AML/CFT in Sierra Leone. It would be accessible via legal databases or directly from the Bank of Sierra Leone (BSL) or the Financial Intelligence Unit – Sierra Leone (FIU-SL). — source
- [aml] Compliance Requirement: UN Security Council resolutions imposing sanctions are legally binding on all UN member states, including Sierra Leone. Sierra Leone incorporates these obligations into its domestic law, primarily through its anti-money laundering and combating the financing of terrorism framework. — source
- [aml] Individuals and entities involved in terrorism (e.g., ISIL (Da'esh) and Al-Qaeda Sanctions List). — source
- [aml] Proliferation of weapons of mass destruction (e.g., DPRK, Iran). — source
Singapore
- [general] Security tokens are regulated as securities under the SFA if they meet the definition of a "capital markets product." — source
- [general] CMS licensing is required for activities like dealing in securities, including security tokens. — source
- [general] MAS provides regulatory sandboxes for fintech innovations in digital assets. — source
- [general] Digital Payment Token (DPT) Services Licensing — source
- [general] (DPT services include cryptocurrency exchanges, wallet providers, and trading platforms.) — source
Slovakia
- [aml] Act No. 297/2008 Coll. on Protection Against Legalisation of Proceeds of Crime and Against Financing of Terrorism (AML Act): This is the primary legislation in Slovakia governing AML/CFT. It has been amended multiple times, most notably by Act No. 397/2019 Coll., which transposed the 5AMLD and extended its scope to virtual assets and VASPs. — source
- [aml] Directive (EU) 2018/843 (5th Anti-Money Laundering Directive - 5AMLD): This directive extended AML/CFT obligations to VASPs for the first time. — source
- [aml] Directive (EU) 2015/849 (4th Anti-Money Laundering Directive - 4AMLD): The foundational directive. — source
- [aml] Directive (EU) 2018/1673 (6th Anti-Money Laundering Directive - 6AMLD): Further harmonized criminal offenses and penalties for money laundering. — source
- [aml] Virtual currency exchange services: Providers exchanging virtual currencies for fiat currencies, or vice versa, or between one or more forms of virtual assets. — source
Slovenia
- [aml] VASP Registration: Entities providing services of safeguarding private cryptographic keys on behalf of clients, or holding, storing, and transferring virtual currencies, are classified as "virtual asset service providers" (VASPs) under ZPPDFT-2. — source
- [aml] Obligation to Register: VASPs must register with the Office for Money Laundering Prevention (UPPD). This is a registration requirement, not a full prudential licensing regime akin to banks or investment firms, but it entails strict AML/CFT compliance obligations. — source
- [aml] Implementation of robust internal AML/CFT policies, procedures, and controls. — source
- [aml] Risk assessment frameworks (customer, product, geographical risks). — source
- [aml] Customer Due Diligence (CDD) and Enhanced Due Diligence (EDD) measures. — source
Solomon Islands
- [aml] Solomon Islands Financial Intelligence Unit (SIFIU) — source
- [aml] Role: SIFIU is responsible for receiving, analysing, and disseminating financial intelligence related to suspected money laundering and terrorist financing. It also provides guidance to reporting entities and monitors their compliance with AML/CFT obligations. — source
- [aml] Financial Intelligence Unit Act 2021: This Act establishes the SIFIU and defines its powers and functions. — source
- [aml] Anti-Money Laundering and Counter-Terrorist Financing Act 2021 (the AML/CFT Act): This comprehensive legislation aligns the Solomon Islands with international FATF standards, covering customer due diligence, reporting obligations, and broader AML/CFT requirements for financial institutions, which increasingly include VASPs. — source
- [aml] Financial Transactions Reporting Act 2010: This Act also contributes to the framework, particularly regarding the reporting of certain transactions. — source
Somalia
- [aml] Somalia has no specific cryptocurrency or digital asset legislation as of 2025–2026; the primary AML/CFT statute is the Anti-Money Laundering and Countering the Financing of Terrorism Act 2016, which criminalizes money laundering and terrorism financing but does not explicitly address virtual assets Regulatory Framework – The National Anti-Money Laundering Committee — source
- [aml] The National Anti-Money Laundering Committee (NAMLC) provides policy guidance and sets AML/CFT strategy, while the Financial Reporting Center (FRC) serves as the financial intelligence unit; neither has issued a dedicated crypto licensing framework About NAMLC – The National Anti-Money Laundering Committee — source
- [aml] No cryptocurrency exchange or virtual asset service provider has been licensed by any Somali authority; no licensing pathway for crypto businesses exists under current law Regulatory Framework – The National Anti-Money Laundering Committee — source
- [aml] Somalia's AML/CFT regime is not FATF-compliant for virtual assets; NAMLC has approved Somalia joining MENAFATF, but full international recognition remains pending About NAMLC – The National Anti-Money Laundering Committee — source
- [aml] The practical reality is that crypto businesses operate in a legal vacuum with no registration mechanism, no supervisory clarity, and no explicit enforcement precedent specific to digital assets The National Anti-Money Laundering Committee – NAMLC — source
South Africa
- [aml] The Financial Intelligence Centre Act 38 of 2001 governs South African AML/CFT, and crypto asset service providers became accountable institutions at item 22 of Schedule 1 through the Schedule amendment published in Government Gazette 47596 of 29 November 2022 with effect from 19 December 2022, rather than through the General Laws Amendment Act 22 of 2022. — source
- [aml] The Financial Sector Conduct Authority Commissioner declared a crypto asset to be a financial product under paragraph (h) of the definition in section 1 of the Financial Advisory and Intermediary Services Act 37 of 2002 by General Notice 1350 of 2022, published in Government Gazette 47334 of 19 October 2022, and it is that declaration rather than the Act itself that brings crypto asset service providers into financial services provider licensing. — source
- [aml] The Money Laundering and Terrorist Financing Control Regulations are made under the Financial Intelligence Centre Act 38 of 2001 and were amended by Government Notice 2638 in Government Gazette 47302 of 14 October 2022, which raised the cash threshold reporting figure to R50 000 with effect from 14 November 2022. — source
- [aml] South African crypto asset service providers have had to comply with the travel rule since 30 April 2025 under Financial Intelligence Centre Directive 9, issued on 15 November 2024 under section 43A(2) of the Financial Intelligence Centre Act 38 of 2001 and published as Notice 5543 in Government Gazette No. 51556, which requires originator and beneficiary information to accompany every crypto asset transfer. — source
- [general] The Securities Transfer Tax Act 25 of 2007 provides for the levying of a securities transfer tax in respect of every transfer of any security and for matters connected therewith, a security being a share or depository receipt in a company or a member's interest in a close corporation, so that crypto asset transfers fall outside the tax entirely. — source
South Korea
- [aml] Financial Services Commission (FSC): Oversees VASPs, enforces consumer protection, investigates unfair practices, and issues guidelines; gained expanded supervisory powers under recent acts. — source
- [aml] Financial Supervisory Service (FSS): Supports FSC by probing abnormal transactions and clarifying rules (e.g., on NFTs). — source
- [aml] Korea Financial Intelligence Unit (KoFIU): Manages VASP registrations, enforces KYC/AML, and handles suspicious transaction reports. — source
- [aml] Korea Internet & Security Agency (KISA): Issues mandatory Information Security Management System (ISMS) certifications for exchanges. — source
- [aml] Act on the Reporting and Use of Specific Financial Transaction Information (March 2020 Amendment): Effective March 2021; legalized crypto, mandated VASP registration, real-name accounts, ISMS certification, and AML/KYC. — source
South Sudan
- [enforcement] Regulator Name: Bank of South Sudan (BSS) — source
- [enforcement] Action Type: Public Warnings and Prohibitions on Financial Institutions — source
- [enforcement] Entity Targeted: Not specific entities or individuals, but rather the general public and licensed financial institutions. Violation Type: While not a "violation" in the sense of a specific crime with a penalty, the BSS has warned against the risks of unregulated cryptocurrencies, stating they are not legal tender and are subject to extreme volatility and potential for illicit activities. Financial institutions are effectively prohibited from engaging with crypto. Penalty Amount: No specific monetary penalties have been publicly disclosed for direct crypto-related violations against entities. The "penalty" for financial institutions would be regulatory action by the BSS if they were found to be facilitating crypto transactions against central bank guidance. — source
- [enforcement] Date: These warnings have been reiterated over several years, with significant statements in late 2021 and 2022. — source
- [enforcement] Outcome: The outcome is a strong discouragement of cryptocurrency use within the official financial system and for the public, clarifying that crypto assets hold no legal status in South Sudan. — source
Spain
- [aml] Directive (EU) 2015/849 (4th AMLD): The foundational directive, which brought more entities into scope and strengthened CDD. — source
- [aml] Directive (EU) 2018/843 (5th AMLD): Crucially, this directive extended the scope of AML/CFT rules to include virtual asset service providers (VASPs), specifically: — source
- [aml] Providers engaged in exchange services between virtual currencies and fiat currencies. — source
- [aml] Directive (EU) 2018/1673 (6th AMLD): Primarily focuses on harmonizing the definition of money laundering criminal offenses and related sanctions across the EU, which indirectly supports the AML framework. — source
- [aml] Ley 10/2010, de 28 de abril, de prevención del blanqueo de capitales y de la financiación del terrorismo (Law 10/2010, of April 28, on the prevention of money laundering and terrorist financing). — source
Sri Lanka
- [enforcement] Regulator Name: Central Bank of Sri Lanka (CBSL), Financial Intelligence Unit (FIU) — source
- [enforcement] Entity Targeted: The general public and financial institutions in Sri Lanka, as well as any individuals or entities considering or engaging in virtual asset services. Violation Type: Operating outside the regulated financial framework; promoting/engaging in high-risk, unregulated investments; dealing in non-legal tender. Penalty Amount: No specific monetary penalty associated with this advisory itself. The "penalty" is the declaration of illegality/unregulated status and the implied risk of legal action under existing financial or criminal laws if related to fraud or money laundering. — source
- [enforcement] Date: 2021-07-28 (Issued a press release) — source
- [enforcement] Outcome: Heightened public awareness of the CBSL's prohibitive stance. Discouragement of engagement with cryptocurrencies and virtual asset service providers (VASPs). Reiterated that VASPs are not licensed or regulated by CBSL. — source
- [enforcement] Significance: This was a strong and clear warning, setting the tone for the country's approach to virtual assets. It emphasized that crypto falls outside the existing regulatory perimeter, making any related activities high-risk and potentially illegal under broader financial laws. — source
Sudan
- [aml] De Facto Ban: The Central Bank of Sudan (CBOS) has repeatedly warned against the use of cryptocurrencies, citing risks such as money laundering, terrorism financing, price volatility, and consumer protection issues. These warnings have effectively created a ban on their use within the formal financial system. — source
- [aml] No Licensed VASPs: Due to this stance, there are no licensed or regulated Virtual Asset Service Providers (VASPs) operating legally in Sudan. Any entity facilitating crypto transactions would be doing so outside the formal regulatory framework and potentially illegally. — source
- [aml] The Anti-Money Laundering and Combating Terrorism Financing Law of 2014 (Law No. 4 of 2014): This is the primary legislation governing AML/CFT in Sudan. It establishes the legal framework for identifying, investigating, and prosecuting money laundering and terrorism financing offenses. — source
- [aml] Central Bank of Sudan Regulations and Directives: The CBOS issues various circulars, regulations, and guidelines that supplement the AML/CFT Law, providing detailed requirements for financial institutions. — source
- [aml] Individuals: Verifying the identity of customers using reliable, independent source documents, data, or information (e.g., national ID, passport, driving license). — source
Suriname
- [aml] None specifically for crypto custody. There is no specific licensing regime in Suriname for companies providing cryptocurrency or digital asset custody services. — source
- [aml] Suriname's existing financial services licensing laws (e.g., for banks, money transfer businesses) do not explicitly cover or define virtual asset custody as a regulated activity. — source
- [aml] Regulatory Reference (Indirect): The FATF Mutual Evaluation Report for Suriname (published in 2020 and subsequent follow-up reports) indicates that Recommendation 15 (which addresses Virtual Assets and Virtual Asset Service Providers) has significant deficiencies. Suriname has been rated as "Non-Compliant" or "Partially Compliant" with this recommendation, specifically noting that there is no legal or regulatory framework for the licensing, registration, or supervision of VASPs for AML/CFT purposes. — source
- [aml] FATF Mutual Evaluation Report of Suriname (2020): https://www.fatf-gafi.org/content/fatf-gafi/en/countries-regions/s-t/suriname/documents/mer-suriname-2020.html (Look specifically at ratings for R.15 and findings related to VASPs). — source
- [aml] No specific rules. Given the absence of a dedicated regulatory framework for crypto custodians, there are no explicit mandates or guidelines requiring the segregation of client digital assets from the custodian's own assets. — source
Sweden
- [aml] Primary laws: Swedish Anti-Money Laundering and Terrorist Financing Law (AML Act, SFS 2017:630); Money Laundering Crimes Criminal Code; former Currency Exchange Act (SCEA, 1996:1006, now amended/reduced post-MiCA); Lag med kompletterande bestämmelser till EU:s förordning om marknader för kryptotillgångar (2024:1159, effective 30 Dec 2024). — source
- [aml] EU alignment: MiCA directly effective; CASPs now under direct AML Act regulation; prior SCEA expansions (effective 1 Jan 2020) imposed stricter-than-EU AML on virtual currency exchanges and custodians. — source
- [aml] Registration/authorization required with FI; transition for pre-MiCA registrants until 30 Jun 2026. — source
- [aml] Conduct KYC by obtaining customer information before transactions. — source
- [aml] Perform risk assessments of products/services, customers, distribution channels, and geographic factors for money laundering/terrorist financing. — source
Switzerland
- [general] Asset tokens (also called security or investment tokens) are generally treated as securities if standardized and mass-tradable, as they mimic uncertificated securities or derivatives (e.g., tokenized equity or bonds). — source
- [general] In Switzerland, utility tokens are generally not considered securities unless they have an investment purpose at issuance, such as pre-sale tokens promising future profit, shifting their classification based on economic function rather than a blanket rule. — source
- [general] Payment tokens are generally not classified as securities under Swiss law, but asset tokens (which may include payment tokens with derivative characteristics) are treated as securities by FINMA. Regulatory changes have introduced new rules for payment token services, moving away from a largely unregulated past. — source
- [general] Hybrid tokens (blending categories) are regulated by the strictest applicable rules, often as securities if any investment traits exist. — source
- [general] Prospectus requirements under FinSA for public offers, unless exemptions apply (e.g., private placements to qualified investors <500 persons). — source
Syria
- [enforcement] Regulator Name: Central Bank of Syria (CBS) — source
- [enforcement] Entity Targeted: All individuals and institutions within Syria engaging in or promoting cryptocurrency activities. This is a blanket prohibition rather than targeting a single entity. Violation Type: Engaging in, trading, promoting, or possessing virtual currencies, deemed illegal and subject to severe penalties under Syrian law. The CBS views these activities as speculative, highly risky, and a threat to the national currency and financial stability. Penalty Amount: No specific monetary penalty was announced for the policy itself. However, violations of this ban would likely incur severe penalties under existing Syrian laws related to financial crimes, illegal currency trading, or activities undermining the state's economic stability. These could include fines, asset forfeiture, and imprisonment, though specific case outcomes are not publicly disclosed. — source
- [enforcement] Date: The CBS issued definitive warnings and circulars reiterating the prohibition throughout late 2022 and early 2023. While specific circular numbers or exact dates are not always widely publicized internationally, news reports consistently cite this period for the renewed and forceful stance. — source
- [enforcement] Outcome: All cryptocurrency activities (trading, mining, possession, promotion) are officially illegal within Syria. This directive empowers authorities to crack down on anyone found dealing with digital assets. Reports from within Syria, though anecdotal and difficult to verify with official sources, suggest individuals have faced arrest and asset seizure for cryptocurrency-related activities following this ban. — source
- [enforcement] Al-Monitor: "Syria’s central bank bans cryptocurrency trading" (February 2, 2023) — source
Taiwan
- [aml] Financial Supervisory Commission (FSC): The primary financial regulator in Taiwan responsible for overseeing financial institutions and has extended its oversight to VASPs regarding AML/CTF. — source
- [aml] Regulations Governing Anti-Money Laundering and Countering Terrorism Financing for Virtual Asset Service Providers (虛擬通貨平台及交易業務事業防制洗錢及打擊資恐辦法) — source
- [aml] Issued by the FSC, effective July 1, 2021. — source
- [aml] URL (FSC Announcement): https://www.fsc.gov.tw/ch/home.jsp?id=96&aplistdnid=0&dfile=list&qnode=14810 (Official Chinese text. English translations are often unofficial but widely available via legal firms). — source
- [aml] These regulations require VASPs to implement robust internal control systems for AML/CTF, report suspicious transactions, and conduct due diligence. — source
Tajikistan
- [general] Bonds (Облигации): Representing a debt obligation, promising repayment of principal and interest. — source
- [general] Derivative Securities (Производные ценные бумаги): Such as options or futures, whose value is derived from an underlying asset. — source
- [general] Other financial instruments recognized as securities by law. — source
Tanzania
- [aml] Tanzania's principal AML statute is the Anti-Money Laundering Act, Cap. 423 (Act No. 12 of 2006, R.E. 2023, commenced 1 July 2007), which imposes obligations on the class of 'reporting person' defined in section 3 paragraphs (a) to (j); the Anti-Money Laundering (Amendment) Act, 2022 (Act No. 2 of 2022, in force 8 March 2022) inserted definitions of 'virtual asset' and 'virtual asset service provider' into section 3 but left virtual asset service providers outside that class, which only a notice published in the Gazette by the Minister under paragraph (j) can extend. — source
- [aml] Tanzania's operative AML subsidiary legislation is the Anti-Money Laundering Regulations, 2022 (Government Notice No. 397 of 3 June 2022), amended by the Anti-Money Laundering (Amendment) Regulations, 2023 (Government Notice No. 853E of 22 November 2023); regulation 30 of GN No. 397 revoked the Anti-Money Laundering and Counter Terrorist Financing Regulations, 2012 (GN No. 289 of 2012), and neither the 2022 regulations nor the 2023 amendment mentions virtual assets or virtual asset service providers. — source
- [aml] Tanzania's counter-terrorism statute is the Prevention of Terrorism Act, Act No. 21 of 2002, consolidated as Cap. 19 R.E. 2023 and in force from 15 June 2003, with terrorist financing offences at sections 16 and 17 and proliferation financing at section 13, supplemented by the POTA Regulations 2022; Tanzania has no statute titled the Anti-Terrorism Act, and the Prevention of Terrorism Act mentions no virtual assets. — source
- [aml] Natural Persons: Collecting and verifying full legal name, date of birth, residential address, nationality, national identification number (e.g., National ID, passport, driver's license). Verification should be done using reliable, independent source documents, data, or information. — source
- [aml] Legal Entities (Companies, Partnerships, etc.): Collecting and verifying official name, registration number, address of registered office, names of directors/partners, legal form, proof of existence (e.g., certificate of incorporation). — source
Thailand
- [licensing] SEC Thailand — Digital asset operator licensing (5 subcategories), enforcement — source
- [licensing] Capital: Minimum paid-up capital deposited in a Thai bank, varying by license type and custody model (e.g., THB 100M for custodial exchanges). — source
- [licensing] AML/KYC: Mandatory under the Anti-Money Laundering Act (supervised by AMLO); requires internal procedures, customer due diligence, ongoing transaction monitoring, and annual audits. Operators are "financial institutions" for AML purposes. — source
- [licensing] Local Presence: Must be a Thai-registered legal entity with qualified directors/executives, a compliance officer, and local management. — source
- [licensing] Other: Accurate accounting, regular audits, IT/cybersecurity (per Cybersecurity Act and PDPA), risk management, business plan, professional liability insurance, and client fund protections. — source
Timor-Leste
- [aml] Law No. 3/2011 on Prevention and Combat of Money Laundering and Financing of Terrorism (Lei N.º 3/2011 de Prevenção e Combate ao Branqueamento de Capitais e ao Financiamento do Terrorismo): This is the foundational law that establishes the framework for AML/CFT in Timor-Leste. It defines money laundering and terrorist financing offenses, sets out reporting obligations for financial institutions and designated non-financial businesses and professions (DNFBPs), and establishes the Financial Intelligence Unit (FIU). — source
- [aml] The BCTL is responsible for the overall supervision of financial institutions in Timor-Leste, including ensuring their compliance with AML/CFT requirements. — source
- [aml] The UIF operates within or in close coordination with the BCTL and is the central national agency responsible for receiving, analyzing, and disseminating suspicious transaction reports (STRs) to law enforcement agencies. — source
- [aml] While there might not be a separate public website for the UIF, its functions are integral to the BCTL's regulatory mandate. — source
- [aml] For individuals: Obtain and verify identity using reliable, independent source documents, data, or information (e.g., full legal name, date of birth, nationality, residential address, unique identification number from government-issued ID like passport or national ID card). — source
Togo
- [aml] Compliance Requirement: Togo is a signatory to various international conventions against terrorism and money laundering and is a UN member state. As such, VASPs operating in Togo must comply with all UN Security Council Resolutions, particularly those related to terrorism financing (e.g., Resolution 1373) and proliferation financing, which mandate asset freezes against designated individuals and entities (e.g., Al-Qaeda, ISIS/Da'esh, and DPRK designations under resolutions 1267, 1989, and others). — source
- [aml] VASP Obligations: VASPs must screen their customers (KYC) and transactions against the UN Consolidated Sanctions List. — source
- [aml] Legal Reference: UN Security Council Resolutions are binding international law for member states. — source
- [aml] UN Security Council Consolidated Sanctions List — source
- [aml] OFAC (U.S. Department of the Treasury's Office of Foreign Assets Control) Sanctions: — source
Tonga
- [aml] Binding Nature: As a UN member state, Tonga is legally obligated to implement sanctions imposed by the UN Security Council (UNSC). These resolutions target specific individuals, entities, and sometimes entire regimes (e.g., related to terrorism, proliferation of weapons of mass destruction, or human rights abuses). — source
- [aml] Crypto Application: Although UN sanctions resolutions do not explicitly mention "cryptocurrency," they mandate the freezing of assets belonging to designated individuals and entities. This implicitly includes virtual assets. VASPs must identify and freeze any virtual assets linked to UN-designated persons or entities and report such findings to the Tonga Financial Intelligence Unit (FIU). — source
- [aml] UNSCR 1267 (1999) and successor resolutions: Target Al-Qaida and ISIL (Da'esh) and their affiliates. — source
- [aml] UNSCR 1373 (2001): Calls on all states to prevent and suppress the financing of terrorism. — source
- [aml] UNSCR 1718 (2006) and successor resolutions: Target North Korea's nuclear and ballistic missile programs. — source
Trinidad and Tobago
- [aml] Virtual Asset Business Act, 2022 (VABA, 2022): This is the foundational law for virtual assets and VASPs, defining what constitutes a "virtual asset" and "virtual asset business" and establishing the regulatory framework. It mandates licensing and compliance with AML/CFT obligations for VASPs. — source
- [aml] Anti-Money Laundering and Countering the Financing of Terrorism Act, Chap 11:13: This is the overarching AML/CFT legislation that applies to all financial institutions, including VASPs under the VABA. It sets out the general requirements for AML/CFT compliance, including CDD, STRs, and record-keeping. — source
- [aml] Proceeds of Crime Act, Chap 11:27: This Act criminalizes money laundering and the financing of terrorism, providing the legal basis for prosecuting such offenses and seizing assets. — source
- [aml] Financial Intelligence Unit Act, Chap 72:01: This Act establishes the Financial Intelligence Unit (FIU) as the central national agency for receiving, analyzing, and disseminating suspicious transaction reports and other financial intelligence. — source
- [aml] For Individuals: Obtain and verify the customer's full legal name, date of birth, residential address, nationality, and a unique identification number (e.g., passport number, national ID card number). Verification must be done using reliable, independent source documents, data or information. — source
Tunisia
- [aml] Compliance Requirement: Tunisia is legally bound to implement UN Security Council (UNSC) resolutions that impose targeted financial sanctions. These primarily relate to counter-terrorism (e.g., against Al-Qaida, ISIL/Da'esh affiliates) and counter-proliferation of weapons of mass destruction. All financial institutions, including VASPs (once explicitly regulated or by analogy), must freeze assets and prevent funds/services from being made available to designated individuals and entities on the UN Consolidated Sanctions List. — source
- [aml] Legal Basis: UN Security Council Resolutions, particularly those under Chapter VII of the UN Charter (e.g., Resolution 1267 (Al-Qaida/ISIL), 1373 (general counter-terrorism), 1718 (DPRK), 2231 (Iran). Tunisia incorporates these into its national law. — source
- [aml] UN Security Council Sanctions Committees: https://www.un.org/securitycouncil/sanctions/information — source
- [aml] UN Consolidated Sanctions List: https://www.un.org/securitycouncil/content/un-sc-consolidated-list — source
- [aml] Compliance Requirement: The FATF sets international standards for combating money laundering and terrorist financing. Tunisia, through its membership in MENAFATF, is assessed on its adherence to these recommendations. Recommendation 15 specifically addresses virtual assets and VASPs, requiring countries to regulate and supervise VASPs for AML/CFT purposes, including implementing targeted financial sanctions. VASPs are expected to conduct customer due diligence (CDD), monitor transactions, report suspicious activities, and screen against sanctions lists. The FATF "Travel Rule" (Recommendation 16) also applies to VASPs. — source
Turkey
- [aml] Türkiye has established a comprehensive AML regulatory framework for cryptocurrency and digital asset service providers, with the legal foundation set by the Law on the Regulation of Crypto-Assets, published in the Official Gazette on July 2, 2024, which requires all crypto-asset service providers to obtain a license from the Capital Markets Board (CMB) and comply with AML obligations under the Financial Crimes Investigation Board (MASAK) supervision. Turkey (Türkiye) - United States Department of State — source
- [aml] The primary regulator for AML compliance is MASAK, operating under the Ministry of Treasury and Finance, while the CMB, as the capital markets regulator, oversees licensing and operational requirements for crypto-asset service providers, with the Central Bank of the Republic of Türkiye also playing a role in payment-related matters. Turkey (Türkiye) - United States Department of State — source
- [aml] Licensing is mandatory for crypto-asset service providers (platforms, custodians, and intermediaries), and while the regulatory framework has been established and the first applications were received throughout 2024–2025, as of the latest available information, only a limited number of entities have been granted full licenses, with the CMB continuing to process pending applications and many platforms operating under provisional approval status during the transition period. Turkey (Türkiye) - United States Department of State — source
- [aml] The practical reality is that the regulatory regime is evolving rapidly as Türkiye aligns with FATF standards, having been placed on the FATF grey list in 2021 and subsequently removed in 2024 after demonstrating progress, and the full enforcement of the new crypto-asset law is a critical component of maintaining that improved standing. Turkey (Türkiye) - United States Department of State — source
- [aml] Financial Crimes Investigation Board (MASAK) — the primary AML/CFT regulator and financial intelligence unit (FIU) of Türkiye, operating under the Ministry of Treasury and Finance, responsible for receiving and analyzing suspicious transaction reports, setting AML compliance standards, conducting AML inspections of crypto-asset service providers, and imposing administrative fines for AML violations. Turkey (Türkiye) - United States Department of State — source
Turkmenistan
- [licensing] Lack of Legal Framework: Turkmenistan currently lacks any specific laws or regulations governing the use, exchange, or mining of cryptocurrencies. This absence of a legal framework often translates to a de facto ban or makes it extremely difficult and risky to engage in crypto activities. — source
- [licensing] Centralized Control: The financial sector is tightly controlled by the state. Any financial activity outside of the traditional, regulated system is viewed with suspicion and is likely to be suppressed. — source
- [licensing] No Country-Specific Crypto Sanctions Lists: As crypto is not recognized or regulated, Turkmenistan does not maintain its own "country-specific sanctions lists that apply to crypto." Any sanctions concerns would arise from international lists. — source
- [licensing] Scope: OFAC administers and enforces U.S. sanctions programs based on U.S. foreign policy and national security goals. These sanctions can be comprehensive or selective, asset freezes, and trade restrictions. — source
- [licensing] Sanctioned Entity Screening: VASPs must screen all customers (KYC/CDD) and transactions against OFAC's Specially Designated Nationals (SDN) and Blocked Persons List, as well as other sanctions lists (e.g., Sectoral Sanctions Identifications List - SSI). This includes identifying beneficial owners. — source
Turks and Caicos
- [aml] Virtual Asset Service Providers Act 2023 (VASP Act 2023): This is the cornerstone legislation specifically regulating VASPs. It defines what constitutes a VASP, sets out licensing and registration requirements, and crucially, brings VASPs under the existing AML/CFT framework, making them "financial institutions" for AML/CFT purposes. — source
- [aml] Proceeds of Crime Ordinance 2017 (as amended): This ordinance defines money laundering offenses, establishes the framework for investigation, seizure, and confiscation of assets derived from criminal activity. — source
- [aml] Anti-Money Laundering Regulations 2023: These regulations provide the detailed operational requirements for AML/CFT compliance, including customer due diligence, record-keeping, internal controls, and suspicious transaction reporting. — source
- [aml] Terrorism (Prevention) Ordinance 2011 (as amended): This ordinance addresses terrorist financing, defining offenses and establishing mechanisms for freezing assets and reporting suspicious activities related to terrorism. — source
- [aml] Financial Services Commission Ordinance 2019 (as amended): This ordinance establishes the Turks and Caicos Islands Financial Services Commission (TCIFSC) and outlines its powers and responsibilities, including supervision of financial institutions and VASPs. — source
Tuvalu
- [aml] The IMF's 2023 country report for Tuvalu identifies that the jurisdiction's anti-money laundering (AML) regime is assessed against the Financial Action Task Force (FATF) standards, and Tuvalu's National Risk Assessment noted that virtual assets and virtual asset service providers are not yet covered by the AML framework © 2023 International Monetary Fund IMF Country Report No. 23/267 TUVALU. — source
- [aml] No Tuvalu government authority, such as a financial intelligence unit or central bank, has published specific AML rules for digital assets, and no license has ever been granted to a crypto business in Tuvalu © 2023 International Monetary Fund IMF Country Report No. 23/267 TUVALU. — source
- [aml] The practical reality is that while Tuvalu has a general AML legal framework for traditional financial institutions, the cryptocurrency sector operates in a regulatory void, and the IMF has explicitly recommended that Tuvalu criminalize virtual asset-related money laundering and impose AML obligations on VASPs © 2023 International Monetary Fund IMF Country Report No. 23/267 TUVALU. — source
- [aml] Tuvalu's AML regime is overseen by its Financial Intelligence Unit established under the Financial Transactions Reporting Act, but that statute does not reference digital assets, and FATF's Recommendation 15 (new technologies) has not been implemented for virtual assets © 2023 International Monetary Fund IMF Country Report No. 23/267 TUVALU. — source
- [aml] Vanuatu Financial Intelligence Unit — not applicable to Tuvalu; provided only as a source in the prompt. — source
Uganda
- [aml] Uganda's Anti-Money Laundering Act, 2013 (Act 12 of 2013), consolidated as Chapter 118, imposes its obligations on accountable persons, defined as any person listed in its Second Schedule, and section 18 establishes the Financial Intelligence Authority; the Act reaches virtual asset service providers by express designation rather than by interpretation, because the Anti-Money Laundering (Amendment of Second Schedule) Instrument, 2020 (Statutory Instrument 136 of 2020) added virtual asset service providers to that Schedule with effect from 27 November 2020, and they stand as paragraph 16 of Schedule 2 in the Financial Intelligence Authority's signed registration guidelines of January 2024, which require every accountable person to register with the Authority. — source
- [aml] Uganda's Anti-Money Laundering Regulations, 2015 are Statutory Instrument 75 of 2015, made on 24 December 2015 under the Anti-Money Laundering Act, 2013, and they do carry the implementing detail the claim describes: Part V, regulations 13 to 27, sets out customer due diligence and verification for natural persons, foreign nationals, entities, partnerships and trustees; regulation 42 requires an accountable person to keep transaction and due-diligence records for a minimum of five years from completion of the relevant business or transaction; and regulation 39 governs suspicious transaction reporting to the Financial Intelligence Authority, with regulation 39(3) additionally requiring reports of cash transactions above one thousand currency points. — source
- [aml] Uganda has no Financial Intelligence Authority Act, of 2013 or of any year; the Uganda Legal Information Institute's consolidated index of legislation carries no such title. The Financial Intelligence Authority is established by section 18 of the Anti-Money Laundering Act, 2013 (Act 12 of 2013), Chapter 118, which reads 'There is established a Financial Intelligence Authority', and the Authority's functions of receiving, analysing and disseminating financial intelligence flow from that Act rather than from a separate statute. — source
- [aml] The Bank of Uganda Act is Chapter 54 under Uganda's current revision, Chapter 51 having been its number only in the Revised Edition of 2000; the Act originates as Statute 5 of 1993, commenced 14 May 1993, and its text contains no provision on virtual assets, cryptocurrency, digital currency or blockchain. The Bank of Uganda's operative virtual-asset instrument is not the Bank of Uganda Act but its circular to National Payment Systems licensees of 29 April 2022, issued under sections 13(1)(b) and (f) of the National Payment Systems Act, 2020, which states that the Bank has licensed no institution to sell or facilitate trade in cryptocurrencies and directs licensees to desist from facilitating cryptocurrency transactions. — source
- [aml] Individual Customers: Obtain and verify the customer's full name, permanent address, date of birth, national identification number (e.g., National ID, passport), and other relevant identification documents. — source
Ukraine
- [aml] Law of Ukraine No. 361-IX "On Preventing and Counteracting Legalization (Laundering) of Criminal Proceeds, Terrorist Financing and Financing the Proliferation of Weapons of Mass Destruction" (dated December 6, 2019, with subsequent amendments). — source
- [aml] This is the foundational AML/CFT law in Ukraine, bringing the country's framework closer to FATF recommendations and the EU's 4th and 5th AML Directives. It designates "virtual asset service providers" as "reporting entities" (subjects of primary financial monitoring). — source
- [aml] Law of Ukraine No. 2074-IX "On Virtual Assets" (dated February 17, 2022). — source
- [aml] This law defines virtual assets and virtual asset service providers (VASPs) in Ukraine. While its full implementation regarding licensing and specific regulatory oversight was initially delayed due to martial law, its principles establish the legal framework for virtual assets and clarify the roles of regulatory bodies. It reinforces that VASPs are subject to AML/CFT requirements under Law No. 361-IX. — source
- [aml] Exchange between virtual assets and fiat currencies. — source
United Arab Emirates
- [aml] Federal Decree-Law No. 26 of 2021 is the current and operative AML/CFT law in the UAE, superseding Federal Decree No. 20/2018. — source
- [aml] VARA's licensing rules include evolving AML/CFT/sanctions requirements as updated in the Virtual Assets and Related Activities Regulations 2023 and subsequent clarifications (e.g., token issuance rules for RWAs and stablecoins), but the specific source link (securevisanow.com) is a third-party site that may not reflect the latest official regulatory framework. — source
- [aml] The 2022 joint guidance banning banks from using WhatsApp for customer services has been superseded or replaced by the New CBUAE Law of 2023, and no evidence confirms the referenced guidance remains current under the new regulatory framework. — source
- [aml] OFAC SDN designations applicable in the UAE are updated continuously and are not limited to a single FAQ topic; the FAQ at ofac.treasury.gov/faqs/topic/1626 is a general reference, not a jurisdiction-specific or definitive source for UAE sanctions compliance. — source
- [aml] Federal and free zone implementation: UAE is listed among jurisdictions that have implemented the Travel Rule, aligning with FATF Recommendation 15 and 16. VARA Rule III.G requires VASPs to comply with all federal AML-CFT laws, including Travel Rule, guided by FATF Interpretive Note to Recommendation 15, and to monitor for threshold circumvention. — source
United Kingdom
- [aml] OFSI Enforcement: UK VASPs must immediately freeze and restrict assets of designated persons (DPs), report holdings or suspected sanctions evasion to OFSI (e.g., via crypto transfers by DPs), and avoid processing transactions involving sanctioned parties; OFSI's 2022 Cryptoassets Threat Assessment highlights risks like pseudonymity enabling evasion. — source
- [aml] OFAC/EU/UN Sanctions: UK firms must comply with OFSI-implemented sanctions, which align with UN and EU lists but are UK-specific; primary sanctions bind all UK persons, while secondary sanctions (e.g., post-2022 Russia/Ukraine measures) restrict third-party dealings with sanctioned countries like Russia. No direct OFAC jurisdiction applies unless involving US nexus, but UK warnings echo US DOJ concerns on sanctions circumvention via crypto. — source
- [aml] FCA Oversight: Registered VASPs under the Financial Services and Markets Act (FSMA) must integrate sanctions screening into AML/CTF frameworks, with new rules from 2027 expanding custody definitions and requiring FCA approval by Feb 2028. — source
- [aml] Prohibited dealings with prescribed countries like Russia (post-2022 embargoes), North Korea, Iran, or Syria-linked entities; crypto transfers to/from these are high-risk and often blocked. — source
- [aml] No services to sanctioned jurisdictions or DPs globally; UK firms must block transactions even in unregulated markets if involving UK nexus. — source
United States
- [aml] Securities and Exchange Commission (SEC): Oversees digital assets deemed securities, including issuance and resale; issued a March 17, 2026, interpretation clarifying federal securities laws' application to crypto assets and transactions, stating most crypto assets are not securities. — source
- [aml] Commodity Futures Trading Commission (CFTC): Regulates commodities and derivatives; joined the SEC's 2026 interpretation and signed a March 11, 2026, Memorandum of Understanding (MOU) with SEC for coordinated oversight, including "innovation exemptions" for DeFi and spot trading. — source
- [aml] Financial Crimes Enforcement Network (FinCEN): Enforces AML/CFT under the Bank Secrecy Act (BSA), treating crypto firms as money services businesses since 2013 guidance. — source
- [aml] State regulators: Examples include California's DFPI (Digital Financial Assets Law effective July 1, 2026, requiring licenses with $100k/day penalties); New Jersey Department of Banking and Insurance; New York's NYDFS (BitLicense regime); Connecticut (money transmitter laws). — source
- [custody] The OCC, Federal Reserve Board and FDIC issued a joint statement on 14 July 2025, Crypto-Asset Safekeeping by Banking Organizations, applying existing law and risk-management principles to the activity and creating no new supervisory expectations. A banking organization has control of a crypto-asset when it can reasonably demonstrate that no other party, including the customer, has access to information sufficient to unilaterally transfer the asset out of its control; establishing initial control usually requires transfer to the organization on the asset's own distributed ledger, and the same standard applies to any sub-custodian. The statement addresses cryptographic key management, the cold-to-hot wallet continuum, omnibus versus separate account models, per-asset review before safekeeping, customer-agreement contents including forks, airdrops and governance voting, BSA/AML and OFAC obligations, third-party risk including a prohibition on sub-custodian commingling, and audit coverage of key generation, storage and deletion. — source
Uruguay
- [aml] Exchange between virtual assets and fiat currencies. — source
- [aml] Exchange between one or more forms of virtual assets. — source
- [aml] Safekeeping and/or administration of virtual assets or instruments enabling control over virtual assets. — source
- [aml] Participation in and provision of financial services related to an issuer’s offer and/or sale of a virtual asset. — source
- [aml] AML/CFT Law 19,574 (2017): This is the primary AML/CFT law in Uruguay, establishing obligations for various reporting entities. — source
Uzbekistan
- [aml] Law of the Republic of Uzbekistan "On Combating the Legalization of Proceeds from Criminal Activities, the Financing of Terrorism and the Financing of the Proliferation of Weapons of Mass Destruction" (last updated/amended, e.g., Law No. ZRU-740 of December 14, 2021). — source
- [aml] This general law sets out the fundamental principles, definitions, obligations for obliged entities, and the framework for combating ML/TF. — source
- [aml] Presidential Decree No. PD-269 of September 2, 2022, "On Measures for the Further Development of the Regulatory Framework for the Circulation of Virtual Assets." — source
- [aml] This decree designated the National Agency for Perspective Projects (NAPP) as the authorized body for regulating virtual asset circulation and established core principles for the sector. — source
- [aml] Cabinet of Ministers Resolution No. 592 of October 18, 2022, "On Approval of the Regulation on the Procedure for Licensing the Activities of Virtual Assets Stores and the Regulation on the Procedure for Licensing the Activities of Cryptocurrency Exchanges." — source
Vanuatu
- [aml] Despite thorough searches of VFSC, RBV, and FIU public notices and reputable financial news sources covering offshore jurisdictions, there are no readily available records of significant, public enforcement actions against specific cryptocurrency entities in Vanuatu over the past three years that detail: — source
- [aml] A specific entity targeted (beyond generic warnings). — source
- [aml] A specific date of action and a detailed outcome beyond a warning. — source
- [aml] The Reserve Bank of Vanuatu (RBV) has issued clarifications regarding the legal status of cryptocurrencies. In November 2022, the RBV reiterated that cryptocurrencies are not legal tender in Vanuatu. While this is a regulatory stance and not an enforcement action against a specific entity, it sets the legal framework within which crypto activities operate. — source
Venezuela
- [enforcement] Regulator Name: Venezuelan Public Prosecutor's Office (Ministerio Público), National Anti-Corruption Police, Venezuelan Judicial System. — source
- [enforcement] Entity Targeted: High-ranking officials from the state oil company PDVSA, the Superintendency of Cryptoassets (SUNACRIP), the Venezuelan Guayana Corporation (CVG), and associated private businessmen. Notably, Joselit Ramírez Camacho, the former head of SUNACRIP, was among those arrested. Violation Type: Corruption, embezzlement, illicit enrichment, money laundering, and treason. The scheme involved diverting billions of dollars in oil sales by conducting transactions outside official channels, often using cryptocurrencies and an parallel financial system to bypass sanctions and hide funds. Penalty Amount: The Public Prosecutor's Office initially reported the embezzlement of over $21 billion USD, though later estimates varied. Penalties include the arrest of over 60 individuals, confiscation of luxury assets (vehicles, real estate), and ongoing trials. — source
- [enforcement] Date: Investigations and arrests began in March 2023 and are ongoing. — source
- [enforcement] Outcome: A major political and economic scandal that led to a significant purge within the Venezuelan government and state-owned companies. SUNACRIP was effectively intervened and restructured, its functions curtailed, and its leadership entirely replaced. The scandal severely undermined trust in government-backed crypto initiatives and has had a chilling effect on the local crypto ecosystem, increasing regulatory uncertainty. — source
- [enforcement] Source URL 1 (Reuters): https://www.reuters.com/world/americas/venezuela-arrests-head-state-oil-company-crypto-unit-amid-corruption-probe-2023-03-18/ — source
Vietnam
- [enforcement] Regulator: Ministry of Public Security (MoPS). — source
- [enforcement] Entity Targeted: ONUS cryptocurrency platform (including tokens VNDC, ONUS, and HNG), operated by Vương Lê Vĩnh Nhân (Eric Lê/Vuong Le Vinh Nhan) and associates. Violation Type: Fraud via token price manipulation, deceptive marketing, misleading promotions, artificial trading to control supply/demand, property appropriation, and money laundering using platform infrastructure. Penalty Amount: Not yet finalized; investigation targets billions of dollars in mobilized funds and investor losses (preliminary estimates in billions of USD). — source
- [enforcement] Date: Criminal proceedings launched March 23, 2026; investigation ongoing with raids across Hanoi, Ho Chi Minh City, Da Nang, and Can Tho. — source
- [enforcement] Outcome: At least 7–9 arrests (including Vương Lê Vĩnh Nhân and 6–8 accomplices); over 140 individuals summoned; platform operations dismantled; charges filed for fraud and money laundering. — source
- [licensing] Ministry of Finance: Oversees broader financial regulations impacting AML efforts. — source
Yemen
- [general] Financial stability and protection of the national currency. — source
- [general] Combating money laundering and terrorism financing (AML/CTF). — source
- [general] Consumer protection against scams and volatile investments. — source
- [general] Lack of regulatory oversight and control over such assets. — source
- [general] Central Bank of Yemen (CBY) - Sana'a (Houthi-controlled): This branch issues directives for the northern regions of Yemen under Houthi control. — source
Zambia
- [aml] No, not specifically for virtual assets and VASPs. Zambia's primary AML/CFT legislation, the Anti-Money Laundering and Countering of Terrorism Act, No. 13 of 2010 (and its amendments), as well as associated regulations, does not explicitly extend to the comprehensive regulation of virtual assets or the oversight of VASPs as financial institutions or Designated Non-Financial Businesses and Professions (DNFBPs). — source
- [aml] The ESAAMLG's 2019 Mutual Evaluation Report of Zambia highlighted significant gaps in this area. It noted that virtual assets were not adequately covered by the AML/CFT framework, and there was no specific licensing or registration regime for VASPs. — source
- [aml] While Zambia is committed to implementing FATF standards, the specific legal and regulatory framework for virtual assets, including the Travel Rule, is still under development or consideration. — source
- [aml] N/A. Since the specific framework for virtual assets and the Travel Rule has not been adopted, there is no effective date. — source
- [aml] N/A. Without specific legislation covering VASPs, there are no defined threshold amounts for the Travel Rule. For traditional wire transfers, the threshold amounts for originator and beneficiary information requirements would typically follow existing AML/CFT regulations. — source
Zimbabwe
- [aml] Partially (Framework for VASPs): Zimbabwe, as an FATF member, is committed to implementing FATF Recommendations. In October 2022, Zimbabwe promulgated the Money Laundering and Proceeds of Crime Amendment Act (No. 6 of 2022), which for the first time designated VASPs as "financial institutions" for AML/CFT purposes. This means VASPs are now subject to general AML/CFT obligations such as customer due diligence (CDD), record-keeping, and suspicious transaction reporting (STR). — source
- [aml] Not Adopted (Travel Rule Specifics): While VASPs are regulated, the specific requirements of the FATF Travel Rule – mandating the collection and sharing of originator and beneficiary information for virtual asset transfers – have not yet been specifically legislated or enforced. The FATF's Mutual Evaluation Report for Zimbabwe (October 2022) highlighted this as an area needing improvement, stating that measures to implement the Travel Rule were not yet in place. — source
- [aml] General VASP Regulation: The Money Laundering and Proceeds of Crime Amendment Act (No. 6 of 2022) became effective upon its gazetting in October 2022. This is the effective date for VASPs to be considered reporting entities under Zimbabwe's AML/CFT framework. — source
- [aml] Travel Rule: There is no effective date for the Travel Rule in Zimbabwe, as the specific legislative and regulatory measures for its implementation are still pending. — source
- [aml] For Travel Rule: Since the Travel Rule is not specifically implemented, there are no specific threshold amounts for the collection and transmission of originator and beneficiary information on VA transfers. — source