The European Parliament approved the tightening of AML rules for crypto companies
The package of draft laws provides, among other things, for the creation of a single anti-money Laundering Management unit
EU lawmakers have adopted three key documents in a broad legislative package to combat money laundering, which will also apply to cryptocurrencies. He will establish an anti-money laundering body, a single set of rules for all 27 member states of the bloc and strict rules for providers of crypto services.
The documents were approved by the Committee on Civil Liberties, Justice and Internal Affairs and the Committee on Economic and Monetary Affairs of the European Parliament.
The vote followed the adoption in January of a comprehensive Anti-Money Laundering Regulation (AMLR) project aimed at countering sanctions evasion and money laundering, which includes the creation of a single set of rules and the establishment of a supervisory authority whose jurisdiction will include the cryptocurrency sector.
AMLR will require crypto service providers to comply with customer verification requirements and monitor cross-border transfers and transactions using non-custodial wallets.
The broader package also provides for the establishment of the Anti-Money Laundering Authority (AMLA), based in Frankfurt. So, on March 19, two committees of the European Parliament approved the creation of AMLA, 68 votes were given in favor of the decision, 10 against.
Although regulation is aimed at equalizing the requirements for all players in the financial sector, the European crypto industry is concerned that the rules for providers of crypto services are more stringent than for traditional institutions.
