Europe’s Banking Authority expands anti-money laundering rules to digital assets.

January 19, 2024
1 min read

The European Banking Authority (EBA) has extended its anti-money laundering (AML) guidelines to include digital asset firms. The EBA hopes to harmonize the approach to combat financial crime across the industry. The guidelines provide a list of risk factors that digital asset firms should consider, including those related to customers, products, channels, and locations. The EBA also suggests that digital asset firms use tools such as blockchain analytics to mitigate these risks. The amended guidelines will come into effect on December 30, 2024, and national authorities will have two months to report their compliance.

This extension of the AML guidelines follows the introduction of the Markets in Crypto-Assets (MiCA) regulations by the European Union in 2023. MiCA aims to establish a comprehensive regulatory regime for digital assets. The European Securities and Markets Authority (ESMA) also published its first consultation package under MiCA, granting ESMA more powers to regulate the digital asset space. The consultation included proposals on how digital asset firms can handle complaints and conflicts of interest.

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