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
    News

    EBA Sets Out Roadmap for 2023, Updates Reporting Framework 3.2

    The European Banking Authority (EBA) published its work program for 2023 as well as the technical package for phase 3 of version 3.2 of its reporting framework.

    September 30, 2022 WebPage Regulatory News
    News

    FED Announces Launch of Climate Scenario Analysis Exercise in 2023

    The Board of Governors of the Federal Reserve System (FED) announced a pilot climate scenario analysis exercise for six largest banks in the U.S.

    September 29, 2022 WebPage Regulatory News
    News

    BIS Paper Studies Impact of Fintech Lending on Small Businesses in US

    The Bank for International Settlements (BIS) published a paper that studies impact of fintech lending on credit access for small businesses in U.S.

    September 26, 2022 WebPage Regulatory News
    News

    UK Regulators Issue CRR Changes and Stress Test Scenarios for Banks

    The Prudential Regulation Authority (PRA) issued the policy statement PS8/22 to amend the Own Funds and Eligible Liabilities (CRR) Part of the PRA Rulebook and update the supervisory statement SS7/13 titled "Definition of capital (CRR firms).

    September 26, 2022 WebPage Regulatory News
    News

    EBA Launches EU-Wide Transparency Exercise in 2022

    The European Banking Authority (EBA) launched the EU-wide transparency exercise for 2022, with results of the exercise expected to be published at the beginning of December, along with the annual Risk Assessment Report.

    September 23, 2022 WebPage Regulatory News
    News

    SRB on CRR Quick-Fix to Policy for Multiple Point of Entry Banks

    The Single Resolution Board (SRB) welcomed the adoption of the review of the Capital Requirements Regulation, or CRR, also known as the "CRR quick-fix."

    September 22, 2022 WebPage Regulatory News
    News

    EC Rule Lists Advanced Economies for Market Risk Capital Calculations

    The European Commission (EC) recently adopted the Delegated Regulation 2022/1622, which sets out the regulatory technical standards to specify the countries that constitute advanced economies for the purpose of specifying risk-weights for the sensitivities to equity.

    September 21, 2022 WebPage Regulatory News
    News

    EBA Publishes Final Regulatory Standards on STS Securitizations

    The European Banking Authority (EBA) published the final draft regulatory technical standards specifying and, where relevant, calibrating the minimum performance-related triggers for simple.

    September 20, 2022 WebPage Regulatory News
    News

    ECB Further Reviews Costs and Benefits Associated with IReF

    The European Central Bank (ECB) is undertaking the integrated reporting framework (IReF) project to integrate statistical requirements for banks into a standardized reporting framework that would be applicable across the euro area and adopted by authorities in other EU member states.

    September 15, 2022 WebPage Regulatory News
    News

    EBA Publishes Funding Plans Report, Receives EMAS Certification

    The European Banking Authority (EBA) has been awarded the top European Standard for its environmental performance under the European Eco-Management and Audit Scheme (EMAS).

    September 15, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8523