Recommendation 14 (Money or Value Transfer Services / MVTS): countries should require MVTS providers (formal + informal hawala + hundi networks) to be LICENSED OR REGISTERED + subject to effective systems for monitoring + ensuring compliance with the AML/CFT obligations. Recommendation 15 (New Technologies + Virtual Assets / Virtual Asset Service Providers / VASPs) - REVISED 2018 + 2024 TARGETED UPDATES: countries + financial institutions should identify + assess the ML/TF risks that may arise from the development of new products + new business practices + the use of new or developing technologies for both new + pre-existing products. Countries should ensure that VIRTUAL ASSET SERVICE PROVIDERS (VASPs) - covering centralised exchanges + custodial wallet providers + ICO issuers + DeFi protocols where appropriate + NFT issuers where applicable - are LICENSED OR REGISTERED + subject to AML/CFT supervision + adopt risk-based AML/CFT measures. Recommendation 16 (Wire Transfers) - the TRAVEL RULE: financial institutions should include required + accurate originator information + required beneficiary information on wire transfers + ensure that information accompanies the wire transfer + applies the Travel Rule to VASPs for virtual asset transfers above the de minimis threshold (commonly USD 1000 or equivalent).
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