Countries and financial institutions identify and assess the money laundering and terrorist financing risks of new products, new business practices including new delivery mechanisms, and new or developing technologies for new and existing products, financial institutions doing so before launch, and take appropriate measures to manage and mitigate them; to manage the risks of virtual assets, countries ensure that virtual asset service providers are regulated for AML/CFT, licensed or registered and subject to effective monitoring and compliance systems. The Interpretive Note requires countries to assess and mitigate VA risks, license or register VASPs and prevent criminals from controlling them, supervise them with powers of inspection and sanction, apply Recommendations 10 to 21 to VASPs with a USD or EUR 1,000 CDD threshold for occasional transactions and the travel rule of paragraph 7(b), and cooperate internationally on VASP supervision.
The graph holds this control, the 0 it maps to, and the evidence behind each claim, over MCP and REST.