EU-based crypto firms are now subject to guidance from the banking watchdog in its “fight against financial crime.”
The European Union’s Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) guidelines have been extended to European crypto companies following a decision from the region's banking watchdog.
The European Banking Authority (EBA) said on Jan. 16 that the amended guidelines aim to help crypto asset service providers (CASPs) identify their exposure risk to financial crimes due to their “customers, products, delivery channels and geographical locations.”
The guidelines also outline how crypto firms should adjust their financial crime-fighting measures, which could include “the use of blockchain analytics tools,” the watchdog added. The guidelines will apply from Dec. 30.
