European Banking Authority Intensifies Battle Against Crypto Money Laundering

2023-6-1 02:22

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.

Money Laundering in Belgium, Luxembourg, and the Netherlands. Source: Statista

The EBA intends to revise the ML/TF risk factors guidelines to establish uniform regulations for CASPs. These expectations will detail CASPs’ steps to identify and mitigate ML/TF risks effectively.

The proposed changes include specific guidance for CASPs to help them understand and address ML/TF risks. The EBA advises CASPs to assess these risks continuously during their business relationships and adjust their customer due diligence appropriately.

The amendments also offer guidance to other credit and financial institutions regarding the risks when engaging with CASPs or having exposure to crypto assets.

Anti-Money Laundering Software Market. Source: Statista

Furthermore, the EBA is working on additional guidance for AML/CFT supervisors of CASPs, which will be included in the revised risk-based supervision guidelines. These amendments are open for consultation until June 29, 2023.

Interested parties can submit their comments through the EBA’s consultation page by August 31, 2023, to participate in the consultation. 

Japan and USA Step Up AML Efforts

The EU isn’t the only one stepping up its efforts. Money laundering and terrorist financing have long been a concern for the government’s regulating crypto.

However, the battle has picked up this year, the most active year for crypto regulation. Recently, the Japanese government announced a strengthening of anti-money laundering procedures.

The US Department of Justice’s National Cryptocurrency Enforcement Team is also intensifying its AML efforts. Federal agents want to crack down on cryptocurrency mixers, tumblers, and exchanges violating money laundering regulations.

In April, the US government identified decentralized finance (DeFi) as a route for criminals to launder money and access finance.

Crypto Laundered. Source: Chainalysis

According to Chainalysis, in 2022, illicit addresses transferred approximately $23.8 billion worth of cryptocurrency, marking a 68.0% surge compared to the previous year.

Notably, mainstream centralized exchanges received the majority share, accounting for nearly half of the funds from illicit sources.

The post European Banking Authority Intensifies Battle Against Crypto Money Laundering appeared first on BeInCrypto.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Money ($$$) на Currencies.ru

$ 0.0004099 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: -2.27 %
Cегодня L: $0.0004099 - H: $0.0004099
Капитализация $18.807k Rank 99999
Доступно / Всего 45.887m $$$

money laundering service providers crypto-asset risks public

Источник: beincrypto.com

money laundering → Результатов: 126


Фото:

Singapore banks scrutinize Chinese-born clients amidst money laundering probe

Singapore froze and seized assets worth $1. 8B since last month in a money laundering probe targeted at cryptocurrencies, properties, and cash. Bloomberg’s September 21 report shows Banks are expanding their investigations to Chinese-born customers with other passports, focusing on clients holding crypto or participating in money laundering activities.

2023-9-22 10:27


Фото:

EU Set to Vote On Critical Crypto AML Provision – Coinbase Cites Outright Ban On Non-Custodial Wallets

Reports show that the EU has revisited its Transfer of Funds Regulation (TRF), adding new provisions concerning crypto to limit the use of digital assets for money laundering. However, industry players feel the new draft is not just harmful to user privacy and security but also provides no effective restriction on money laundering.

2022-3-29 17:15


NZ Man Charged in Money Laundering Scheme, Crypto & Luxury Cars

A New Zealand man has been charged with money laundering that allegedly involves shady crypto transactions and luxury car purchases. According to reports from the New Zealand Herald, the 40-year-old defendant appeared in court Thursday and faces some 30 criminal charges, including money laundering, that allege he was given thousands of dollars to purchase cryptocurrency.

2020-10-16 17:31


Фото:

Over $150,000 in Bitcoin Seized from UK Woman Arrested for Fraud and Money Laundering

Met’s Proactive Money Laundering Team seized Bitcoin funds worth thousands of pounds from a woman in the UK after a search warrant revealed her involvement in fraud and money laundering. According to a report by the Metropolitan Police,  the detectives had been investigating the suspect and established that she was managing large sums fraudulently obtained. […]

2020-8-16 15:20


Eike Batista, Once Brazil’s Richest Man, Accused of Money Laundering Using Cryptocurrencies

Operation Midas takes off nabbing former billionaire, Eike Batista, for money laundering using Bitcoin trading. Once Brazil’s richest man, the fall from grace is remarkable for the former billionaire, Eike Batista, who is once again temporarily arrested – this time for suspicion of money laundering and manipulation of capital markets. According to Fohla de Paulo, […]

2019-8-9 19:17


Florida Police Discover Bitcoin Money Laundering Gig While Being Locked Up via Commissary Accounts

Financial crimes exist in many forms and one of the most common is money laundering, which is practiced all over the world. There are the disadvantages that come with the prevalence of cryptocurrency with one being the fact that they are often used for the perpetuation of crime and this includes money laundering purposes as […]

2019-7-5 23:17


Фото:

Netherlands to Regulate Cryptocurrencies in Bid to Curb Money Laundering

The Netherlands is seeking to regulate cryptocurrency companies, supposedly in a bid to prevent money laundering and alleged terrorist financing. All virtual currency businesses will now be required to obtain an operating license from De Nederlandsche Bank, the country’s central bank, under draft legislation designed to prevent crypto assets such as BTC from being used […] The post Netherlands to Regulate Cryptocurrencies in Bid to Curb Money Laundering appeared first on Bitcoin News.

2018-12-12 18:15


Money Laundering Worries in Lithuania caused by the Roaring Cryptocurrency Market

Now, this intense interest in the country’s virtual currencies space is stoking fears of money laundering from the Russian criminal underground. Pushback Against Illegal Money from Russia According to a report on Politico, Marius Jurgilas – a board member of the Bank of Lithuania –  discussed concerns that the Baltic state has with money pouring

2018-6-26 09:18


Bitcoin Price Watch: Is the Recent Drop Part of a Bigger Picture?

At press time, bitcoin is retaining its $6,100 price from yesterday. The currency fell to this position from $6,700 after Japan’s Financial Services Agency (FSA) sent notifications to more than five digital currency exchanges saying that they must heighten their security measures against money laundering after noticing weaknesses in their infrastructures. Bitcoin has continued to […]

2018-6-24 23:35


Experts say Cryptocurrency Crimes will be on the Rise this Year

The cryptocurrency space is filled with crime. Bitcoin and other cryptocurrencies are used everyday for the dealing of contraband goods and prohibited services.   Cryptocurrency Exchanges are being hacked and robbed of millions at an increasing rate, money laundering efforts are being aided by various coins, and ICO scams continue to cast doubt over the […] The post Experts say Cryptocurrency Crimes will be on the Rise this Year appeared first on ZyCrypto.

2018-6-24 21:22


Japan’s bitFlyer Halts Taking on New Business to Fix Issues Following FSA Order

bitFlyer, Japan’s largest Bitcoin exchange, is being forced to stop taking on new business after regulators said it wasn’t doing enough to stop money laundering and terrorist financing. The move by the Tokyo-based exchange saw a drop in the price of the coin and highlights how the country’s financial watchdog, the Financial Services Agency (FSA),.

2018-6-23 22:00


Top 3 Blockchain Technologies Poised to Save Businesses Time and Money on KYC

The costs of complying with due diligence processes like KYC (Know Your Customer) and AML (anti-money laundering) are rising. With financial firms regularly spending 8. 4x their average compliance costs on KYC amidst growing client complaints about poor KYC experiences, KYC is becoming a growing balance sheet and relationship management liability.

2018-6-22 21:00


Japan’s Largest Crypto Exchanges to Face the Wrath of the FSA

Japan’s Financial Services Agency (FSA) will be taking administrative action against several registered cryptocurrency exchange operators in the country. These exchanges include Quoine, Bitbank, BITPoint Japan, BtcBox, and industry leader BitFlyer, who authorities claim don’t have proper internal management systems in place, including measures to prevent money laundering.

2018-6-20 23:10


Фото:

Netflix And Shill? Hollywood Films Its Cryptocurrency Premiere

Hollywood has announced it will film its first high-profile feature centered on cryptocurrency – and its alleged connection with money laundering in the art world. ‘Crypto,’ Art And Money Laundering ‘Crypto,’ an unlikely blockbuster which will see actors from some of the most popular current US serials play major roles, will begin filming later this year, local industry magazine Hollywood Reporter revealed last week.

2018-6-18 20:00


дальше еще 77 новостей →

Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru

Bitcoin Analyst Reveals Why $57,938 Is The Level To Watch This Week

Crypto analyst CryptoCon has revealed a key level to watch out for as Bitcoin attempts to break critical resistance levels. The analyst suggested that a drop to this price level may not be bad for Bitcoin and could instead be necessary for it to finally make that price rally.

Coinbase’s Legal Plea to Ripple, Robinhood: Ignore SEC Tactics

Coinbase's Paul Grewal denounces the SEC's unclear "gaslighting" tactics, urging firms like Ripple and Robinhood to reject such deceptive regulatory practices and stand united. The post Coinbase’s Legal Plea to Ripple, Robinhood: Ignore SEC Tactics appeared first on BeInCrypto.

Critical $5 Million Security Flaw in Aptos Wormhole Bridge – Certik

CertiK swiftly addressed a critical security flaw in the Wormhole bridge on the Aptos network, effectively preventing a potential loss of $5 million by patching the vulnerability. The post Critical $5 Million Security Flaw in Aptos Wormhole Bridge – Certik appeared first on BeInCrypto.

Crypto Investments Surge for the First Time in 5 Weeks

Digital asset products recorded a significant $130 million inflow in the US, marking the first gain in five weeks amid fluctuating global trends. The post Crypto Investments Surge for the First Time in 5 Weeks appeared first on BeInCrypto.