From October 23rd to 27th, the Training Center of the State Financial Intelligence Service under the Ministry of Finance of the Kyrgyz Republic hosted the ‘Implementation of Risk-Based Approach in Cryptocurrency Compliance for Financial Institutions, Virtual Asset Service Providers and Supervisors’ seminar.
The event garnered significant attention, primarily due to the robust growth of the cryptocurrency industry and the establishment of a comprehensive regulatory framework within Kyrgyzstan. The seminar brought together regulatory authorities, representatives from financial institutions, and virtual asset service providers, with instructional contributions from ITMCFM specialists and international experts.
The primary objective of the seminar was to enhance the application of AML/CFT procedures within the cryptocurrency sector. Throughout the week, participants delved into various theoretical matters, including:
- Basics and classifications of blockchains and cryptocurrencies;
- Techniques and practical examples for extracting information from publicly available sources;
- Key players within the cryptocurrency industry;
- Principles for establishing AML/CFT and compliance processes in the cryptocurrency sector;
- Introduction to the risk-based approach when offering services to the cryptocurrency sector.
The seminar extended beyond mere lectures. Organizers arranged active practical sessions, enabling attendees to gain hands-on experience in investigating cryptocurrency transactions, implementing AML/CFT measures in the realm of cryptocurrencies, and devising scenarios for the identification of money laundering and terrorist financing in cryptocurrency transactions. Moreover, participants were introduced to online services such as Personal Account of the Reporting Subject and Personal Account of the Supervisor.
Furthermore, attendees were exposed to global best practices in the supervision and compliance of the cryptocurrency sector.
Organized by: ITMCFM and the Training Center of the State Financial Intelligence Service.