Tuvan Authorities Urged to Implement FATF Recommendations on Money or Value Transfer Services

Combating Financial Crimes through Licensing and Registration

In a move aimed at combating financial crimes, Tuvan authorities have been urged to identify natural or legal persons carrying out money or value transfer services without a license or registration, and apply appropriate sanctions. This comes as part of the country’s efforts to implement the Financial Action Task Force (FATF) recommendations on money or value transfer services.

FATF Guidelines for Money or Value Transfer Services

According to FATF guidelines, any natural or legal person working as an agent should be licensed or registered by a competent authority. Alternatively, the provider of these services must maintain a current list of its agents accessible to authorities in the countries where they operate.

Recommendations for Tuvan Authorities

Tuvan authorities are advised to take the following steps:

• Identify natural or legal persons providing money or value transfer services without a license or registration and apply appropriate sanctions.
• Ensure that providers of money or value transfer services include their agents in their anti-money laundering and combating financing of terrorism (AML/CFT) programs.
• Monitor these agents for compliance with these programs.

Exemptions

It is worth noting that a country need not impose a separate licensing or registration system on natural or legal persons already licensed or registered as financial institutions within that country. These entities are permitted to perform money or value transfer services and are already subject to the full range of applicable obligations under FATF recommendations.