Compliance Digest—February 2025

Every month, Sumsub’s Compliance Team prepares a digest with all the latest updates in the world of AML and beyond. We cover multiple industries from crypto to gaming.

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AML

Global ??

FATF updated standards and consults on guidance

What happened?

Financial Action Task Force (FATF) updated its standards and promoted financial transparency in February 2025. This includes publishing information about:

• FATF member countries: A list of countries that are members of the FATF
• FATF global network: A list of regional bodies that work with the FATF to combat money laundering and terrorist financing
• High-risk and other monitored jurisdictions: Information about countries that are under increased scrutiny by the FATF due to deficiencies in their anti-money laundering and counter-terrorist financing (AML/CFT) regimes. This likely involves increased monitoring and potential sanctions.

Who’s affected?

• High-risk and other jurisdictions, as they face increased scrutiny and potential economic consequences if they do not address the deficiencies identified by FATF
• Members of both the FATF and FATF Global Network, who are expected to implement and enforce the FATF’s standards
• Financial institutions operating in or dealing with entities in the listed countries.

Deadline: N/A

Read more: FATF updates Standards and consults on guidance to better promote financial inclusion

Crypto?

USA ???? SEC’s crypto task force met with crypto firms

What happened? In February, the SEC’s crypto task force, under new leadership since President Trump’s inauguration, was meeting with various crypto firms and industry leaders to discuss the regulation of crypto assets. These meetings are part of a potential reevaluation by the U.S. Securities and Exchange Commission of its stance that many cryptocurrencies are securities under its purview. The commission also moved to dismiss an appeal blocking a controversial broker-dealer rule affecting some crypto firms.

Who’s affected?

• Crypto firms and individuals, particularly those facing pending enforcement actions from the SEC
• The broader crypto industry as a whole, as the SEC’s regulatory approach can significantly impact its development and operation
• Investors in crypto assets, as regulatory clarity (or lack thereof) can influence market stability and investor confidence.

Deadline: N/A

Read more: Meeting with Representatives of the Crypto Council for Innovation

Illinois senator introduced Crypto ATM Fraud Prevention Act

What happened??

In February, Illinois Senator Dick Durbin introduced the Crypto ATM Fraud Prevention Act to combat the rising trend of fraud at cryptocurrency ATMs (Automated Teller Machines) across the United States. This legislation was prompted by cases in which individuals, particularly senior citizens, were scammed into depositing large sums of money into these ATMs under false pretenses (e.g., threats of arrest if they didn’t pay a “fine”). The bill aims to implement “common-sense guardrails” to protect consumers and provide law enforcement with better tools to track and combat crypto-related fraud. The proposed legislation includes measures such as limiting initial deposits, requiring verbal confirmation for larger transactions from new users, and mandating refunds for fraud victims under certain conditions.

Who’s affected?

• Crypto ATM users in general, particularly new users or those vulnerable to scams
• Crypto ATM operators, who will need to implement new safeguards and procedures if the bill passes
• Primarily senior citizens, who are often targeted by these scams
• Law enforcement, who would receive additional tools to investigate and prosecute crypto-related fraud

Deadline:

There is no specific deadline mentioned in the text, but it will need to pass through the Republican-controlled Congress and be signed into law by President Donald Trump.

Read more: US Senator introduces bill to stop crypto ATM fraud

EU ????

ESMA released a consultation paper proposing guidelines for assessing the knowledge and competence of staff at crypto-asset service providers

What happened?

The European Securities and Markets Authority (ESMA) released a consultation paper proposing guidelines for assessing the knowledge and competence of staff at crypto-asset service providers. These guidelines ensure compliance with the EU’s Markets in Crypto-Assets (MiCA) Regulation. The proposed guidelines aim to ensure that staff who advise or inform clients about crypto assets have a solid understanding of the technology, risks, regulations, and market dynamics associated with crypto assets. The guidelines also set minimum qualifications for crypto staff, including experience, education, and continued professional development. The goal is to enhance investor protection and build trust in crypto markets within the EU.

Who’s affected?

• Crypto asset service providers (CASPs) operating within the EU, as they will need to implement procedures to assess and ensure the competence of their staff
• Crypto investors and clients within the EU, who should benefit from more informed advice and information about crypto assets
• Stablecoin providers like Tether, because of ESMA’s emphasis on MiCA compliance.

Deadline: The consultation period for the proposed guidelines is open until April 22, 2025. ESMA expects to publish the final guidelines in the third quarter of this year.

Read more: Guidelines for the criteria on the assessment of knowledge and competence under the Markets in Crypto Assets Regulation (MiCA)

Suggested read: EU Crypto Regulations 2025

South Korea’s ???? Financial Services Commission (SFC) is relaxing restrictions on institutions and corporations engaging with crypto assets

What happened?

South Korea’s Financial Services Commission (FSC) is relaxing restrictions on institutions and corporations engaging with crypto assets. Starting in the second half of 2025, charities and universities will be allowed to sell their crypto donations. Additionally, a pilot program will allow 3,500 corporations and professional investors to open “real-name” accounts in the first half of the year, enabling them to trade crypto.

The FSC also plans to allow cryptocurrency exchanges to sell their crypto holdings, including user-generated fees. These changes represent a shift from a more restrictive approach aimed at curbing speculation and money laundering. The FSC released a roadmap permitting corporations with at least 10 billion won ($6.8 million) in financial investment product holdings to participate in the digital asset market. The regulator is also developing trading guidelines to verify transaction purposes and fund sources. Additionally, the FSC is addressing concerns about market manipulation and “pump and dump” schemes by promoting self-regulatory efforts and considering minimum circulating supply requirements for listed cryptocurrencies.

Who’s affected?

• Charities, universities, cryptocurrency exchanges, 3,500 corporations and professional investors in South Korea, banks offering services to cryptocurrency firms, and also exchanges selling their crypto holdings
• South Korean crypto investors and the broader crypto market in South Korea.

Deadline:

• First half of 2025: Pilot program begins for 3,500 corporations and professional investors to open “real-name” accounts
• Second half of 2025: Charities and universities will be allowed to sell their crypto donations
• Trading guidelines for transactions will be released sometime before the full-scale launch.

Read more: [????] ??? ???? ?????? ??? ?????. – ?3? ????????? ???

Nigeria ???? is planning to amend its digital asset regulations to tax cryptocurrency transactions

What happened?

Nigeria is planning to amend its digital asset regulations to tax cryptocurrency transactions in an effort to boost government revenue. This involves a bill before lawmakers that provides a framework for taxing crypto transactions. The Nigerian Securities and Exchange Commission (SEC) is also looking to increase crypto licensing to monitor and tax transactions, as well as to boost investor confidence. It issued the first license to a crypto exchange in August 2024 and plans to enforce regulations against unregulated exchanges. Additionally, the SEC is regulating crypto marketing, requiring pre-approval for virtual asset service providers engaging third parties for promotions.

Who’s affected?

• Directly affected:Crypto investors and traders in NigeriaCryptocurrency exchanges operating in Nigeria (regulated and unregulated)Virtual Asset Service Providers (VASPs)Social media influencers promoting crypto products
• Indirectly affected: The Nigerian government, which aims to increase revenueNigerians using crypto as a hedge against inflation

Deadline:

• The bill for taxing crypto transactions is expected to be adopted in Q1 2025
• The Nigerian legislature reconvened for its 2025 legislative session on January 14, 2025.

Read more: Nigeria Amending Digital Asset Rules to Tax Cryptocurrency Deals

Gambling

Sweden ???? reviews the Gambling Act

What happened?

Last month, the Swedish government initiated a review of its Gambling Act to strengthen policies against illegal gambling operators. Marcus Isgren was appointed to lead the investigation, which aims to address loopholes that allow unlicensed operators to target Swedish consumers. This move comes in response to concerns from industry stakeholders, such as BOS, about the market’s channelization rate and the ability of black-market providers to operate in Sweden by circumventing existing regulations (e.g., operating in English and using Euros). The goal is to make the Gambling Act more effective in channeling players towards licensed operators and creating a safer gambling market.

Who’s affected?

• Illegal/unlicensed gambling operators targeting Swedish consumers
• Licensed gambling operators in Sweden, who could benefit from a more level playing field
• Swedish gamblers, who are the target of both licensed and unlicensed operators, and for whom the government wants a safer gambling environment.

Deadline: The review can’t extend beyond September 17, 2025

Read more: Statlig utredare ska se ?ver spellagen

Cura?ao ???? implements a new Alternative Dispute Resolution (ADR) policy

What happened?

The Cura?ao Gaming Authority (CGA) is rolling out a new Alternative Dispute Resolution (ADR) policy for licensed operators. They are seeking feedback from operators through a public consultation open until March 8th. The new policy, mandated by the “Landsverordening op de kansspelen” (LOK) gambling law, requires licensed operators to provide ADR services to players, offering a way to resolve disputes outside of court. ADR providers must be separate entities from the B2C operators and provide impartial advice. The policy’s formation was accelerated by a high-profile dispute involving BC Game, which highlighted the need for a formal dispute resolution mechanism. The LOK framework, approved in December, is intended to improve Cura?ao’s reputation and provide a “safety net” against unlicensed gambling operators.

Who’s affected?

• Cura?ao-licensed gambling operators (B2C, B2B, and B2B2C)
• Players/customers of Cura?ao-licensed gambling operators
• ADR providers seeking approval from the CGA

Deadline:

• March 8: Deadline for providing feedback to the CGA on the ADR policy during the public consultation
• Applications for ADR approvals are currently being accepted by the CGA and are expected to take six weeks.

Read more: Alternative Dispute Resolution (Consultation Version)

Suggested read: Top 10 Gambling Friendly Countries (2025)