Venezuelan crypto regulator Sunacrip strengthens AML / KYC requirements for virtual asset service providers

Venezuelan cryptocurrency gatekeeper Sunacrip recently released a new set of AML / KYC requirements for VASPs (virtual asset service providers) setting new and updated rules on the type of information these providers need and share with the Venezuelan government. alarm. on what the government can do with this data in the cryptocurrency community. Venezuela Crypto Watchdog Sunacrip Tightens KYC / AML Requirements for VASPs Last week, Venezuela's Crypto Assets and Related Activities Supervisory Authority (Sunacrip) quietly introduced a new set of new KYC / AML requirements to tighten this institution governing Virtual Asset Service providers who offer them. published a set of rules. Services in the territory of Venezuela. New standard published in the Official Gazette: Rules on the management and control of risks related to the legitimation of equity, financing of terrorism and the proliferation of weapons of mass destruction. weapons of mass destruction. Virtual assets and individuals and assets that provide products and services through activities involving virtual assets in the entire crypto asset system. It defines a set of new rules that aim to provide detailed information about individuals and institutions using VASP services in the country. Basically the rule broadly defines VASPs and also includes custody services and wallet providers, meaning every wallet provider must comply with them. These VASPs must appoint a compliance officer to establish a plan to minimize the risk of money laundering and to report directly to Sunacrip. The rule also states that any transaction with a value greater than 1000 EUR must be sent immediately with the identifiers of the sender and recipient of the money, in accordance with the so-called travel rule established by Finance and officially accepted. Action Mission. Force (FATF) in 2019 as part of its global recommendation on c

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