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January 16, 2024

EU Banking Watchdog Expands Anti-Money Laundering Rules to Secure Crypto Firms.

The European Banking Authority (EBA) has extended its anti-money laundering measures to cover cryptocurrency firms. The guidance, which will come into effect on December 30, harmonizes the approach that crypto asset service providers (CASP) across the European Union should adopt to combat financial crime. The EBA has published guidelines on risk-based supervision of CASPs and is consulting on further recommendations to prevent the abuse of crypto transfers. The new guidelines also include guidance for other credit and financial institutions that have CASPs as customers or are exposed to crypto assets. Competent authorities have two months to report compliance with the guidelines.