Published: 18.04.2024 Updated: 14.05.2024

On 17 and 18 April, 30 supervision experts, auditors, as well as financial and risk analysts specialising in the field of anti-money laundering and countering terrorism and proliferation financing (AML/CTPF), and representing Latvijas Banka and the Financial Intelligence Unit, expand their knowledge on supervising crypto-asset service providers under the guidance of Michal Gromek, an international expert.

Michal Gromek is Leading Virtual Asset Expert of the project on managing crypto-asset money laundering risks which is implemented by the Office of the Co-ordinator of OSCE (Organization for Security and Co-operation in Europe) Economic and Environmental Activities. He is also Chair of the Digital Asset Task Force of the Global Coalition to Fight Financial Crime. The training is designed to provide an overview of establishing the AML/CTPF supervisory framework for crypto-asset service providers, along with the supervisory requirements and standards set by international organisations and AML/CTPF policymakers in other countries for crypto-asset services and their supervisory solutions.

During the training sessions, experts also deepen their knowledge of the operational models, typologies, and technical solutions employed by crypto-asset service providers.

This year, the Markets in Crypto-Assets (MiCA) Regulation will take effect to introduce a novel and uniform legal framework for the crypto-asset sector across the European Union. Until this point, the crypto-asset sector has functioned without any regulatory framework or supervision. The MiCA Regulation establishes supervisory measures for crypto-asset issuers and defines requirements for crypto-asset service providers and issuers. The new regulation will also help protect investors as the Regulation introduces requirements that will safeguard crypto-asset holders and customers of crypto-asset service providers.

The primary challenge for crypto-asset service providers in the field of financial crime prevention lies in identifying the requisite resources for supervision and to enhance experts' understanding of AML/CTPF risks, their timely identification and prevention, as well as the need to foster an understanding among crypto-asset service providers regarding the imperative to objectively assess the AML/CTPF risks inherent in their operations and to implement proportionate risk management solutions.

The training represents a collaborative effort between Latvijas Banka and the Financial Intelligence Unit forming part of the project "Improvement of knowledge of employees in combating money laundering in Latvia". The project is currently underway within the grant programme funded by the European Economic Area countries, with the aim of enhancing employees' skills and knowledge and strengthening the capacity of the institutions responsible for the supervision of financial institutions, financial intelligence and investigation, thereby fortifying the security and reputation of the Latvian financial system.

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