The European Council has reached an agreement to create an anti-money laundering agency that will have the power to oversee certain crypto asset service providers, or CASPs.
In Wednesday’s announcement, the council Say It has agreed on part of its position on the proposal to launch a dedicated anti-money laundering agency (AMLA). According to the regulator, the anti-money laundering agency will have the power to supervise “high-risk and cross-border financial entities” including crypto companies — “if they are deemed risky.”
Ondřej Kovařík, a member of the European Parliament, said EU officials had also reached a “provisional political agreement” on regulations governing the transfer of funds to government agencies.At the time of publication, all the details of the revision were not immediately clear, but Cointelegraph reported that a March draft of the regulation May require encryption service provider Collect personal data related to transfers of any size between non-custodial wallets and possibly verify their accuracy.
“We are ending the wild west of unregulated cryptocurrencies, filling major loopholes in European anti-money laundering rules,” Say European Parliament member Ernest Hurtasson. “The rule does not apply to P2P transfers that do not involve obligated entities […] CASPs will be required to gather information on a risk basis and take enhanced due diligence measures for all transfers involving non-custodial wallets. “
EU institutions have reached an interim political agreement on money transfer regulations. I believe it strikes the right balance of reducing AML risks in the cryptocurrency industry without hindering innovation and overburdening businesses. pic.twitter.com/k0P0I3Ah6K
– Ondrej Kovarik (@OKovarikMEP) June 29, 2022
first suggested In July 2021, the European Commission said, AMLA should become operational in 2024, with direct monitoring work “later to begin”.Financial regulators will be among the first to own Powers to monitor money laundering activities In the major European regions, coordinate with the respective country’s financial intelligence unit and cooperate with local regulators.