With the UK and the wider EU facing the consequences of Brexit, financial services firms globally need to ensure that they understand the impact of Brexit.
On June 21, the Financial Action Task Force announced that it had adopted an interpretive note to its recommendation on new technologies to further clarify the applicability of the recommendations to virtual asset activities. It also issued guidance to assist countries and businesses on their AML/CFT obligations regarding virtual asset activities. In her International Banking column, Kathleen Scott discusses some of the major points of the new interpretive note and guidance.
Financial institutions have to deal with two challenges in the face of the COVID-19 pandemic.