The European Union’s New Anti-Money Laundering Regulations
The European Union has reached a provisional agreement on new anti-money laundering (AML) regulations specifically targeting the crypto sector. The aim is to enhance measures to protect EU citizens and the financial system from money laundering and terrorist financing activities.
New Agreement Targets Crypto Sector
The new AML regulations apply to most of the crypto sector, requiring all crypto asset service providers (CASPs) to conduct due diligence on their customers. This includes verifying customer information and reporting any suspicious activity. CASPs will need to apply customer due diligence measures for transactions of β¬1000 or more and include measures to mitigate risks with self-hosted wallets.
Enhancing the EU’s Fight Against Financial Crimes
The next steps involve finalizing the agreed-upon texts and presenting them for approval in the EU’s Committee of Permanent Representatives and the European Parliament. Once adopted, the measures will be published in the EU’s Official Journal and come into force.
Hot Take: EU Tightens Crypto Regulations with Provisional AML Agreement
The European Union has taken a significant step in tightening regulations for the crypto sector with its provisional agreement on new anti-money laundering (AML) rules. The aim is to protect both EU citizens and the financial system from money laundering and terrorist financing activities.
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