The European Banking Authority expands anti-money laundering measures to cryptocurrency companies

2024-01-16 22:24:25

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ChainCatcher news, the European Banking Authority (EBA), the EU's banking regulator, today expanded its guidelines on anti-money laundering (AML) and counter-terrorist financing (CTF) risk factors to include crypto asset service providers (CASPs). The new guidelines emphasize the AML/CTF risk factors and mitigation measures that CASPs need to consider.

It is reported that this revision aims to help CASPs identify these risks by providing a non-exhaustive list of different factors that may indicate whether CASPs face higher or lower AML/CTF risks due to their customers, products, delivery channels, and geographical locations.

Based on these risk factors, CASPs can develop an understanding of their customer base and identify the parts of their business or activities that are most susceptible to AML/CTF impacts. The guidelines also explain how CASPs should adjust their mitigation measures, including the use of blockchain analysis tools.

The EU passed legislation on the transfer of digital assets last year, along with its landmark regulatory framework for crypto asset markets (MiCA).

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