European Union: Adopted Council of EU general approach on Regulation on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing

Description

Adopted Council of EU general approach on Regulation on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing

On 7 December 2022, the Council of the European Union adopted its position on Regulation on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing (AML/CFT). Under the Council general approach, the AML/CFT due diligence rules will be extended to the crypto-asset sector. The Crypto-asset service providers carrying out transactions of EUR 1'000 or more will be required to conduct due diligence on their customers. The Council also agreed on measures to mitigate risks related to self-hosted wallet transactions and introduced enhanced due diligence measures for cross-border correspondent relationships for crypto-asset service providers.

Original source

Scope

Policy Area
Consumer protection
Policy Instrument
User identification requirement
Regulated Economic Activity
digital payment provider (incl. cryptocurrencies)
Implementation Level
supranational
Government Branch
executive
Government Body
central government

Complete timeline of this policy change

Hide details
2021-07-20
under deliberation

On 20 July 2021, the European Commission issued a proposal for a Regulation on the prevention of th…

2022-12-07
under deliberation

On 7 December 2022, the Council of the European Union adopted its position on Regulation on the pre…

2023-04-17
under deliberation

On 17 April 2023, the European Parliament announced the approval of its negotiation mandate on the …

2024-01-18
under deliberation

On 18 January 2024, the European Parliament and the Council reached a provisional agreement on part…

2024-04-24
under deliberation

On 24 April 2024, the European Parliament passed the regulation on the prevention of the use of the…

2024-05-30
adopted

On 30 May 2024, the Council of the European Union adopted the regulation on the prevention of the u…

Key regulatory dimensions

Regulated subjects

The businesses, government agencies or individuals affected by this policy or regulatory change.

Policy change by business practice

The detailed activities within the scope of this policy or regulatory change.

Policy change by business practice

The detailed activities within the scope of this policy or regulatory change.

We use cookies and other technologies to perform analytics on our website. By opting in, you consent to the use by us and our third-party partners of cookies and data gathered from your use of our platform. See our Privacy Policy to learn more about the use of data and your rights.