The purpose of conducting the so-called risk assessment of an obliged institution, as defined in the AML and Terrorist Financing Law (AML Law), is for obliged institutions to understand how high the risks of money laundering and terrorist financing they are exposed to. With a properly conducted risk assessment, obliged institutions have a real chance to effectively prevent the diagnosed risks. This is particularly relevant for obliged institutions working with entities providing services from the cryptocurrency industry.
Academic studies on aspects of blockchain technology often use complicated technical phrases such as – to name the most important ones – distributed network, decentralized network, DLT (distributed ledger technology), consensus algorithm, PoW (proof of work) or PoS (proof of stake). For this reason, it often remains a complicated, even incomprehensible part of the world of new technologies. In this article I will try to answer the question in an accessible way – what is blockchain?
On August 10, 2022, a new draft of the bill with amendments to the Payment Services Law and the Foreign Exchange Law (list number UD52) was presented on the website of the Government Legislation Center. This bill provides for a number of key amendments to the Payment Services Act.