Featured Product

    EU Reaches Agreement on AML Authority and Crypto-Asset Proposals

    June 29, 2022

    The European Council agreed on its partial position on the proposal for establishing the anti-money laundering and countering the financing of terrorism (AML/CFT) Authority in European Union. The position is partial as the European Council has not yet agreed on the location at which the new Authority will have its seat. Additionally, negotiators from the Council presidency and the European Parliament have reached a provisional agreement on the proposal that updates the rules on information accompanying the transfers of funds by extending the scope of the rules to transfers of crypto-assets.

    The introduction of this crypto-asset rule will ensure financial transparency on exchanges in crypto-assets and will provide the European Union with a solid and proportional framework that complies with the most demanding international standards on the exchange of crypto-assets. The aim of this recast is to introduce an obligation for crypto-asset service providers to collect and make accessible certain information about the originator and the beneficiary of the transfers of crypto-assets they operate. The new agreement will enable the European Union to deal with the money laundering and terrorist financing risks that are linked to the new technologies, while reconciling competitiveness, consumer and investor protection, and the protection of the financial integrity of the internal market. The new agreement requires that the full set of originator information travel with the crypto-asset transfer, regardless of the amount of crypto-assets being transacted. There will be specific requirements for crypto-asset transfers between crypto-asset service providers and un-hosted wallets.

    Regarding data protection, the co-legislators agreed that the general data protection regulation (GDPR) remains applicable to transfers of funds and that no separate data protection rules will be set up. The improved traceability of transfers of crypto-assets will make it more difficult for persons and entities that are subject to restrictive measures to try to circumvent them. In addition, crypto-asset service providers will have to implement appropriate internal policies, procedures, and controls to mitigate the risks of evasion of national and Union restrictive measures. In due course, member states will have to ensure that all crypto-asset service providers qualify as obliged entities under the fourth Anti-Money Laundering Directive. Co-legislators also agreed on the urgency to ensure traceability of crypto-asset transfers and chose to align the timetable for application of this regulation with that of the markets in crypto assets (MiCA) regulation.


    Related Links

    Keywords: Europe, EU, Banking, AML CFT, ML TF Risk, MiCA Regulation, Regtech, Securities, MiCA, Crypto-Assets, European Council, European Parliament

    Related Articles

    ESAs Issue Multiple Regulatory Updates for Financial Sector Entities

    The three European Supervisory Authorities (ESAs) issued a letter to inform about delay in the Sustainable Finance Disclosure Regulation (SFDR) mandate, along with a Call for Evidence on greenwashing practices.

    November 15, 2022 WebPage Regulatory News

    ISSB Makes Announcements at COP27; IASB to Propose IFRS 9 Amendments

    The International Sustainability Standards Board (ISSB) of the IFRS Foundations made several announcements at COP27 and with respect to its work on the sustainability standards.

    November 10, 2022 WebPage Regulatory News

    IOSCO Prioritizes Green Disclosures, Greenwashing, and Carbon Markets

    The International Organization for Securities Commissions (IOSCO), at COP27, outlined the regulatory priorities for sustainability disclosures, mitigation of greenwashing, and promotion of integrity in carbon markets.

    November 09, 2022 WebPage Regulatory News

    EBA Finalizes Methodology for Stress Tests, Issues Other Updates

    The European Banking Authority (EBA) issued a statement in the context of COP27, clarified the operationalization of intermediate EU parent undertakings (IPUs) of third-country groups

    November 09, 2022 WebPage Regulatory News

    OSFI Sets Out Work Priorities and Reporting Updates for Banks

    The Office of the Superintendent of Financial Institutions (OSFI) published an annual report on its activities, a report on forward-looking work.

    November 07, 2022 WebPage Regulatory News

    APRA Finalizes Changes to Capital Framework, Issues Other Updates

    The Australian Prudential Regulation Authority (APRA) finalized amendments to the capital framework, announced a review of the prudential framework for groups.

    November 03, 2022 WebPage Regulatory News

    BIS Hub and Central Banks Conduct CBDC and DeFI Pilots

    The Bank for International Settlements (BIS) Innovation Hubs and several central banks are working together on various central bank digital currency (CBDC) pilots.

    November 03, 2022 WebPage Regulatory News

    FASB Proposes Improvements to 2023 GAAP Reporting Taxonomy

    The Financial Accounting Standards Board (FASB) is seeking comments, until November 03, 2022, on the proposed technical and other conforming improvements for the 2023 GAAP Financial Reporting Taxonomy.

    November 03, 2022 WebPage Regulatory News

    ECB Sets Deadline for Banks to Meet Its Climate Risk Expectations

    The European Central Bank (ECB) published the results of its thematic review, which shows that banks are still far from adequately managing climate and environmental risks.

    November 02, 2022 WebPage Regulatory News

    ESAs, ECB, & EC Issue Multiple Regulatory Updates for Financial Sector

    Among its recent publications, the European Banking Authority (EBA) published the final standards and guidelines on interest rate risk arising from non-trading book activities (IRRBB)

    October 31, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8588