Seminar: Navigate the BVI VASP Act – Guidance for Financial Services Professionals
On September 26 and 27, the seminar titled “Navigate the BVI VASP Act – Guidance for Financial Services Professionals” was held, attended by Licenciado Gonzalo Fábrega. This event brought together experts from the financial sector to analyze the implications and requirements of the new legislation, providing valuable tools and insights for professionals in the field. The seminar concluded with an acknowledgment of the importance of global collaboration to protect the virtual assets industry, highlighting the growing relevance of cryptocurrencies in traditional financial markets.
Recommendation 15 and Onboarding of VASPs: The seminar focused on Recommendation 15 of the FATF, which addresses the onboarding of VASPs and their clients, emphasizing how the legal framework is evolving to recognize virtual assets as property in various jurisdictions. The importance of implementing preventive measures, according to FATF Recommendations 10 to 21, adapted to the due diligence thresholds for VASPs, was stressed. These recommendations are crucial for verifying information from both the originator and the beneficiary in cryptocurrency transactions.
Compliance and Sanctions Lists: The compliance landscape related to sanctions lists from countries such as the U.S., U.K., Russia, and Canada was widely discussed. Participants highlighted the serious consequences of conducting transactions with designated individuals on these lists, including potential fines and account closures. The need for VASPs to maintain constant vigilance to identify connections with sanctioned entities was emphasized, in order to mitigate legal and regulatory risks. The importance of complying with data protection laws while monitoring transactions was also addressed.
Travel Rule Messaging Protocol: Key elements of the Travel Rule Messaging Protocol were detailed, discussing the challenges of verifying identities and the importance of having clear documentation in the due diligence process. Additionally, the role of blockchain analysis providers in the continuous monitoring of transactions was discussed, along with how automation and the integration of artificial intelligence are transforming the industry.
Application Process for VASPs: Another relevant topic was the application process for VASPs, with a particular emphasis on regulatory compliance and the roles of key personnel, such as authorized representatives and compliance officers. The importance of obtaining legal advice to appropriately classify virtual access services was also discussed, as well as how blockchain technology is impacting financial inclusion, with a specific example in El Salvador.
