European Union: Closed consultation on AML/CFT rules introducing obligations for crypto-asset service providers
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Closed consultation on AML/CFT rules introducing obligations for crypto-asset service providers
The European Commission closed a consultation on the legislative package in the area of anti-money laundering (AML) and countering the financing of terrorism (CFT) on 28 November 2021. In general, the package consists of a new regulating authority (EU AML/CFT Authority - AMLA), a new regulation on AML/CFT, a new provision (replacing 2015/849/EU) as well as a revision of the Transfer of Funds Regulation (2015/847/EU) to include crypto-assets. More specifically, all crypto-asset service providers will receive the status of obliged party in regard to the disclosure of crypto transaction information. This will aid the identification of crypto-assets that are used for money-laundering purposes. The proposals will now be discussed by the European Parliament and Council. From the date of adoption, it will be another 3 years until the reform is implemented.
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