Read our examination feedback on virtual asset service providers’ suspicious activity reporting systems and controls

In 2023 we assessed five virtual asset service providers’ (VASPs) compliance with their statutory and regulatory obligations for suspicious activity reporting, including relevant systems and controls. We also assessed their transaction monitoring systems and controls.

Our feedback from that examination is now live and can be read here: 2023 virtual asset service providers’ suspicious activity reporting examination feedback.

During the examination we found the following areas for improvement:

• corporate governance
• completeness of suspicious activity reporting procedures
• employee training
• ongoing monitoring and scrutiny of transactions

The feedback also includes good practice for VASPs to follow, and next steps.

VASPs and relevant supervised persons must now consider the findings and best practice highlighted in this feedback against their own arrangements.