Scenario:

Your group is a team of consultants who are experts in assisting organizations that want to set up a virtual asset exchange company. One such hypothetical company called Crypto Alliance Canada has contracted your team to assist in meeting the regulatory requirements to set the operations as a virtual asset exchange company in Canada.

CryptoGuard intends to be a platform that facilitates the exchange of various virtual assets, including cryptocurrencies. The company wants to be a leading player in the Canadian industry, and as such the senior leadership of the company is committed to maintaining the highest AML standards while staying compliant with all the regulations, especially the FATF's global AML guidance.

Objective:

Your team is tasked with researching all the relevant regulations and presenting to the requirements to the senior leadership of the Crypto Alliance. The presentation needs to provide a comprehensive AML program that adheres to a risk$-$based approach for CryptoGuard. The goal is to effectively identify and mitigate AML risks associated with virtual assets and VASPs while ensuring compliance with FATF guidelines.

The presentation should at minimum cover the following topics

$-$ Adherence to a risk$-$based approach.

$-$ Alignment with FATF's global AML guidance.

$-$ Applicable Canadian regulations and requirements.

$-$ Clarity and completeness of AML policies and procedures.

$-$ Effectiveness of risk assessment and mitigation strategies.