The European Banking Authority (EBA) is seeking public input on proposed amendments to its anti-crypto money laundering guidelines, focusing on including crypto-asset service providers (CASPs).

EBA has initiated a public consultation to gather feedback on proposed amendments to its guidelines on money laundering and terrorist financing (ML/TF) risk factors. The news is part of the latest efforts to strengthen the EU’s defenses against crypto-enabled crimes.

Strengthening Anti-Crypto Money Laundering Rules

The main goal of these changes is to include crypto-asset service providers within the scope of the guidelines. Stakeholders and interested parties have until August 31, 2023, to participate in the consultation process.

EU defines a CASP as a legal entity or person offering services such as crypto-fiat exchange, crypto-crypto exchange, custodian services, operating trading platforms, participating in crypto asset issuance, or providing financial services related to crypto assets.

CASPs and other credit and financial institutions face significant ML/TF risks. However, crypto’s ease of transferability and enhanced privacy pose unique challenges.

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Author: Josh Adams

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