Dutch Central Bank Cryptocurrency Sanctions Compliance Consultation Period Closing Soon
Cryptocurrency transactions risk violating sanctions regulations in addition to posing money laundering and terrorist financing risks, Dutch Central Bank De Nederlandsche Bank said in a draft Q&A on complying with sanctions measures for such transactions, according to an unofficial translation.…
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The bank is running a consultation period that is set to close on Dec. 17. The Q&A covers such questions as who falls within the scope of the "relationship" insofar as crypto providers take measures to check whether relationships have been sanctioned, and what measures does a crypto service provider take when transacting with crypto to check whether the individuals or entities involved have been sanctioned. The guidance also discusses good practice for cryptocurrency service providers and risk analysis.