The regulator has also identified significant control weakness among many of these so-called Virtual Asset Service Providers businesses.
In order to provide such services in Ireland, VASPs have to seek and be granted registration by the regulator. "The Central Bank will only register a firm when it is satisfied that the firm can meet its AML/CFT obligations on an ongoing basis." The bulletin outlines how VASPs must have the required risk culture, as well as risk and control frameworks in place to minimise the risk of the use of their products or services by criminals.
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