The European Banking Authority (EBA) has recently issued comprehensive guidance for crypto firms to ensure compliance with anti-money laundering (AML) and terrorist financing (TF) requirements.
According to the watchdog’s press release, the move represents a significant step in the European Union’s ongoing efforts to combat financial crime within the nascent industry. The guidelines, which extend the EBA’s existing AML guidelines to crypto-asset service providers (CASPs), highlight crucial ML/TF risk factors and mitigating measures that CASPs need to consider.
Guidelines For Crypto Firms On Risk Assessment
The EBA’s guidelines, building upon the July 2021 legislative package by the European Commission, aim to reform the EU’s legal and institutional framework for AML and counter the financing of terrorism (AML/CFT).
Article 38 of the watchdog’s regulation mandates the EBA to issue guidelines on risk variables and factors that CASPs should consider when establishing bu
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