The Economic Crime and Cooperation Division (ECCD) of the Council of Europe is supporting Polish authorities in conducting the Money Laundering and Terrorist Financing (ML/TF) Sectoral Risk Assessment (SRA) of Virtual Assets (VA) and Virtual Asset Service Providers (VASPs). As a first step in this process, the representatives of the Polish Financial Intelligence Unit and the Financial Supervisory Authority (UKNF) were provided by an online training on the practical implementation of the Council of Europe’s ML/TF Sectoral Risk Assessment Methodology for VAs and VASPs.

The Polish competent authorities used this opportunity to familiarise themselves with the main elements of the SRA process, including the data gathering and analysis tools, detailed implementation steps of the Methodology, as well as with potential challenges to be expected when aiming to assess risks as accurately as possible in this sector which is subject to very dynamic changes and developments. Moreover, participants benefited from the presentation delivered by the Council of Europe expert on practical aspects and examples with regard to the identification and understanding of current VAs and VASPs and their activity in Poland. Last but not least, participants were provided by useful advice regarding the analysis of related threats and vulnerabilities and the risk treatment following the sectoral assessment.

This training presents a beginning of a wider effort to support Poland in conducting the first ML/TF Sectoral Risk Assessment of VAs and VASPs applying the Council of Europe Methodology. The Project will further support the authorities by providing tailored assistance and expert guidance throughout the assessment process.

The event was organised within the framework of the Technical Support Instrument (TSI) initiative on “Strengthening the risk assessment mechanisms and the AML/CFT strategic analysis function of the Polish Financial Intelligence Unit”, funded by the European Union and the Council of Europe, and implemented by the Council of Europe.