AML-2A.1 AML-2A.1 Applicability and CBB’s Approach to Transfer of Accepted Crypto-assets
AML-2A.1.1
The requirements of this Section, AML-2A.1, applies to
Capital Market Licensees (includingCrypto-asset licensees as well as third party service providers) if they act as anordering financial institution ,intermediary financial institution orbeneficiary financial institution .Amended: January 2022
Added: January 2020AML-2A.1.2
A third party service provider that provides
accepted crypto-asset transfers and/or electronic transfer of funds (wire transfer) on behalf of aCapital Market Licensee , irrespective of whether the third-party service provider is licensed by the CBB or not, must comply with the requirements of Paragraph AML-2A.1. ACapital Market Licensee is ultimately responsible for the functioning and activities of the third-party service provider and must ensure that the third party service provider meets all regulatory obligations as specified in this Section.Amended: January 2022
Added: January 2020CBB’s Approach to Transfer of Accepted Crypto-assets
AML-2A.1.3
As with financial payment methods,
accepted crypto-assets can be used to quickly move (transfer) funds globally and to facilitate a range of financial activities. Similar to mobile or internet based payment services and mechanism,accepted crypto-assets can be used to transfer funds in a wide geographical area with a large number of counterparties.Added: January 2020AML-2A.1.4
The CBB considers transactions involving transfer of
accepted crypto-assets as functionally analogous to wire transfer. Therefore,Capital Market Licensees (includingcrypto-asset licensees ), whenever their transaction, whether in fiat currency oraccepted crypto-assets , involves (i) a traditional wire transfer, or (ii) anaccepted crypto-asset transfer, must comply with the requirements of Paragraph AML-2A.2 unless stated otherwise.Amended: January 2022
Added: January 2020
