FIC seeks further input on guidance for money or value transfer service providers – Moonstone Information Refinery

The Financial Action Task Force (FATF) indicated that it is looking to update its recommendation regarding electronic transfers given the changes that have occurred in the sector in recent years.Elisa de Anda, president of FATF, indicated during her participation in the Second Fintech Week, that the financial architecture has changed and, in conjunction with the technological revolution, they force to update recommendation 16 that has to do with…

FIC seeks further input on guidance for money or value transfer service providers – Moonstone Information Refinery

The Financial Intelligence Centre (FIC) has opened a second round of consultation on its updated guidance on the interpretation of “money or value transfer service providers” (MVTSPs), which are accountable institutions in terms of the Financial Intelligence Centre Act (FICA). MVTSPs include natural and legal persons that carry on the business of transferring money or value as a commercial service. The term “money or value transfer” refers to ac…