+Article 40 Measures to mitigate risks in relation to transactions with a self-hosted address
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Article 40 Measures to mitigate risks in relation to transactions with a self-hosted address
Article 40
Measures to mitigate risks in relation to transactions with a self-hosted address
1. Crypto-asset service providers shall identify and assess the risk of money laundering and financing of terrorism associated with transfers of crypto-assets directed to or originating from a self-hosted address. To that end, crypto-asset service providers shall have in place internal policies, procedures and controls.
Crypto-asset service providers shall apply mitigating measures commensurate with the risks identified. Those mitigating measures shall include one or more of the following:
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(a)
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taking risk-based measures to identify, and verify the identity of, the originator or beneficiary of a transfer made from or to a self-hosted address or beneficial owner of such originator or beneficiary, including through reliance on third parties;
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(b)
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requiring additional information on the origin and destination of the crypto-assets;
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(c)
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conducting enhanced ongoing monitoring of transactions with a self-hosted address;
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(d)
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any other measure to mitigate and manage the risks of money laundering and financing of terrorism as well as the risk of non-implementation and evasion of targeted financial sanctions.
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2. By 10 July 2027, AMLA shall issue guidelines to specify the mitigating measures referred to in paragraph 1, including:
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(a)
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the criteria and means for identification and verification of the identity of the originator or beneficiary of a transfer made from or to a self-hosted address, including through reliance on third parties, taking into account the latest technological developments;
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(b)
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criteria and means for the verification of whether or not the self-hosted address is owned or controlled by a customer.
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1. Overview
1.1 References
1.2 Identified Requirements
1.3 Related Standards
2. Identified Requirements
Requirements
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Requirement |
3. Related Standards
Standards
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Requirement |
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