EU Banking Watchdog Extends Anti-Money Laundering Measures to Cover Crypto Firms
The European Banking Authority (EBA) has issued guidance for crypto firms to comply with its anti-money laundering and terrorist-financing requirements. The EBA aims to standardize the approach that crypto asset service providers (CASPs) across the EU should adopt to combat financial crime. The EU finalized legislation on the transfer of funds via digital assets last year, and the EBA has since published guidelines on risk-based supervision of CASPs. The EBA is also consulting on proposed guidelines to prevent the abuse of crypto transfers, in line with recommendations from the Financial Action Task Force. The new guidelines also include advice for other credit and financial institutions exposed to crypto assets. Authorities must report their compliance with the new guidelines within two months of their publication in official EU languages. The guidelines will apply from December 30, coinciding with the full effect of the Markets in Crypto Assets regulatory package.
