"The new pilot is designed to align Nigeria with the Financial Action Task Force (FATF) Recommendations 15 and 16, specifically the travel rule, which requires virtual asset service providers to share originator and beneficiary information for transactions."
"According to a press release, the CBN has handpicked a select group of fintech and crypto entities to participate in this initial phase, including the Africa Stablecoin Consortium, Flutterwave, Juicyway, Koinkoin, Kucoin, and Paystack."
"Under the pilot, participating VASPs are obliged to submit monthly data on AML/CFT performance and undergo audits of customer onboarding, sanctions screening, and transaction monitoring."
The Central Bank of Nigeria has initiated a pilot program to supervise anti-money laundering and counter-terrorism financing compliance among selected crypto and fintech firms. This program aligns with the Financial Action Task Force recommendations, particularly the travel rule. The pilot includes firms like the Africa Stablecoin Consortium and Flutterwave, focusing on studying business models and operational risks. Participating entities must submit monthly data on AML/CFT performance and undergo audits, aiming to enhance understanding of risks and practices in the sector.
Read at news.bitcoin.com
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