EU banking watchdog strengthens AML measures for crypto firms
EBA extends AML guidelines to CASPs, addressing ML/TF risks in crypto transactions. Guidelines provide risk factors and mitigating measures, urging blockchain analytics use. Interconnected financial sector necessitates guidance for institutions dealing with CASPs. In a momentous move to combat financial crimes, the Europe an Banking Authority (EBA) has extended its Guidelines on Money laundering (ML) and terrorist financing (TF) risk factors to encompass crypto -asset service providers (CASPs). The new guidelines, effective from December 30, 2024, aim to harmonize anti- Money laundering (AML) and countering the financing of terrorism (CFT) efforts across the Europe an Union (EU). EBA guidance for crypto-asset service providers The EBA’s latest directive emphasizes the growing risks associated with crypto transactions, underscoring the potential for abuse in terms of money laundering and terrorist financing. CASPs, involved in crypto-asset transfers,...