Summary
The European Parliament and Council have reached a provisional agreement to apply anti-money laundering and counter-terrorist financing laws to crypto entities. The new rules will impact most of the crypto sector and include due diligence requirements for transactions of €1,000 or more. National financial intelligence units and other competent authorities will be granted access to information about banks and crypto asset managers’ holdings. The Crypto Council for Innovation has welcomed the agreement, stating that it ensures a consistent and robust anti-money laundering framework. The provisions aim to improve national systems against money laundering and terrorist financing and prevent fraudsters and criminals from legitimizing their proceeds through the financial system. The agreement must be ratified before it becomes enforceable.
Key Points
1. The European Parliament and Council have agreed to apply anti-money laundering and counter-terrorist financing laws to crypto entities.
2. The new rules will impact “most of the crypto sector” and include due diligence requirements for client transactions of 1,000 euros or more.
3. National Financial Intelligence Units and other competent authorities will be granted access to information about banks and crypto asset managers’ holdings under beneficial ownership.