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The European Council has agreed to form an Anti-Money Laundering (AML) agency with the competence to regulate some crypto asset service providers (CASPs).
The council said on Wednesday that it had adopted a partial stance on a proposal to establish an Anti-Money Laundering Authority or AMLA. According to the regulatory organization, the AML body will have the jurisdiction to oversee "high-risk and cross-border financial entities," including cryptocurrency enterprises, "if they are considered risky."
Ondej Kovak, a member of the European Parliament, stated that European Union authorities had also struck a "provisional political agreement" over the Transfer of Funds Regulation. Cointelegraph reported that a March draft of the regulation could require crypto service providers to collect personal data related to transfers of any size to and from unhosted wallets and verify their accuracy. At the time of publication, not all the revision details are precise.
The European Council has agreed to form an Anti-Money Laundering (AML) agency with the competence to regulate some crypto asset service providers (CASPs).
The council said on Wednesday that it had adopted a partial stance on a proposal to establish an Anti-Money Laundering Authority or AMLA. According to the regulatory organization, the AML body will have the jurisdiction to oversee “high-risk and cross-border financial entities,” including cryptocurrency enterprises, “if they are considered risky.”
Ondej Kovak, a member of the European Parliament, stated that European Union authorities had also struck a “provisional political agreement” over the Transfer of Funds Regulation. Cointelegraph reported that a March draft of the regulation could require crypto service providers to collect personal data related to transfers of any size to and from unhosted wallets and verify their accuracy. At the time of publication, not all the revision details are precise.
Ernest Urtasun, a member of the European Parliament, stated, “We are putting an end to the wild west of unregulated crypto, closing major loopholes in the European anti-money laundering rules. The rules won’t apply to P2P transfers where no obliged entity is involved […] CASPs will be required to collect information and apply enhanced due diligence measures concerning all transfers involving unhosted wallets, on a risk basis.”
According to the European Commission, the AMLA should become operational in 2024 and “begin direct monitoring slightly later.” The AMLA was first suggested in July 2021. The financial watchdog will be one of the first regulatory agencies with the capacity to supervise money laundering over significant parts of Europe, in coordination with the financial intelligence units of individual nations and collaboration with local authorities.
