The Bill 139 of 2021 which aims to regulate the formality of companies providing cryptocurrencies services, their compliance with personal data protection laws, and other reporting obligations to authorities, has introduced new provisions regarding the risk of money laundering.
It is expected that this law will apply to all companies formally recognized as providers of cryptocurrencies services, unlike the SAGRILAFT case which currently applies only to select companies in the sector based on income or assets. Some of their obligations would include:
- Implementation of a system to prevent money laundering and terrorism financing risks.
- Compliance with the recommendations of the Financial Action Task Force (FATF).
- Adoption of tools to prevent their transactions from being used to launder assets.
Therefore, it is important for companies providing these services to be prepared to adopt measures that enable them to comply with the new regulations and adhere to international best practices.
Original Source in Spanish