Quantcast
CRYPTO NEWS AROUND THE GLOBE
Visa's Data Partner Allium Labs Raises $16.5M as Their New Findings Show Stablecoin Activity is Back Up
OKX Europe head sees more crypto mergers as MiCA rules roll out
Ethereum (ETH) Remains Inflationary as Circulating Supply Spikes
Microsoft's giant outage hits airports, banks and major companies
Solana attracts giants like Paypal and Stripe
Payment giant Stripe now offers cryptocurrency purchases by credit card in Europe
Vitalik Buterin, as Other Crypto Leaders Line Up Behind Trump, Argues Against Picking Candidates Just Because They Like Crypto
German government's bitcoin selloff nets $2.9 billion as film piracy case marches on
Singapore court ruling fans suspicions the $125m Multichain hack was an inside job
Will Bitcoin 2024 Conference Be a Game Changer for Crypto?
Plaintiffs File New, Slimmed Down Complaint in Class Action Lawsuit Against Tether
Forbes releases the best crypto top 10 of the year 2024, +90 at 1300%
Why JPMorgan sees a Bitcoin rebound in August
Europe Conquering the Crypto Market: $100 Trillion at Stake!
Binance CEO on 200 million user milestone: 'Crypto has become too big to ignore and is not going away'
SEC Relaxes Crypto Reporting Rules for Banks and Brokerages
Germany Almost Done Selling Bitcoin, Holding Less Than 5K Tokens After Latest Moves
US lawmakers take action in Congress to free Binance executive in Nigeria
Ethereum Jumps 11% in 4 Days: US CPI, Imminent ETF Launch Could Accelerate Rise
Crypto Exchange BitMEX Pleads Guilty to Violating the Bank Secrecy Act From 2015 to 2020
Cyprus Issues Alert to Accounting Professionals to Combat Crypto Terror Financing
French giant Vivendi now authenticates and protects its content via blockchain
Crypto: SEC on the Verge of Approving Ethereum ETFs
Italy to change crypto regulations to comply with MiCA
France’s shock election wins will upend crypto tax cuts, industry fears
Digital Asset Investment Products Gain $441M Amid Mt. Gox, German Sell-Offs: CoinShares
Metis co-founder's ZKM plans to launch Bitcoin Layer 2 GOAT Network
Prediction Markets and Polls Both Got the French Election Wrong
The duel between Gensler and Coinbase continues
Binance CEO: Company co-founder 'took full responsibility for past mistakes'
All Crypto News Around The Globe

European banking authority issues new guidelines for crypto providers to comply with restrictive measures

Webp 1
José Manuel Campa, Chairperson of the European Banking Authority | Euroconf

On November 14, the European Banking Authority (EBA) released comprehensive guidelines for Payment Service Providers (PSPs) and Crypto-Asset Service Providers (CASPs) to ensure alignment with European Union (EU) and national restrictive measures. These guidelines aim to reduce risks and strengthen compliance when transferring funds or crypto assets.

“These Guidelines clarify how restrictive measures policies and procedures interact with financial institutions’ wider governance and risk management frameworks, to avoid operational and legal risks for financial institutions and ensure an effective implementation of restrictive measures,” stated the EBA.

As regulatory scrutiny intensifies for the decentralized finance (DeFi) sector, recent incidents in traditional finance reveal ongoing vulnerabilities. On November 13, Metro Bank was fined £16.7 million by the Financial Conduct Authority (FCA) due to major deficiencies in its financial crime prevention systems. A flaw in the bank's automated monitoring system, introduced in June 2016, left over 60.5 million transactions totaling more than £51 billion unmonitored until December 2020.

Get the Newsletter
Sign-up to receive weekly round up of news from Crypto Republique
By submitting, you agree to our Privacy Policy and Terms of Service. By providing your phone number you are opting in and consenting to receive recurring SMS/MMS messages, including automated texts, to that number from our short code. Msg & data rates may apply. Reply HELP for help, STOP to end. SMS opt-in will not be sold, rented, or shared.

This case highlights that, despite rigorous measures imposed on the DeFi sector, traditional financial institutions continue to face significant money laundering challenges. The EBA's guidelines emphasize the need for robust internal controls across all financial sectors to prevent similar lapses.

The EBA's guidelines, which will take effect from December 30, 2025, require PSPs and CASPs to implement reliable screening systems to ensure compliance with EU sanctions. These systems must monitor information to mitigate the risk of entities or individuals breaching restrictive measures or attempting to evade them.

The guidelines stem from the EU’s Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) reforms initiated in 2021. These reforms aim to enhance transparency and protect the financial system from illicit activities. Regulations enforcing the new standards were adopted on June 9, 2023, and will come into force on December 30, 2024.

According to a report from Grand View Research, the global anti-money laundering (AML) market was valued at USD 1.51 billion in 2023, with a projected compound annual growth rate (CAGR) of 16.0% from 2024 to 2030. A report from Chainalysis noted that crypto-related money laundering has decreased by 30% over the past year, with cryptocurrencies expected to represent just 0.47% of total money laundering activities in 2024.

Organizations Included in this History
Financial Conduct Authority
More News

European banking authority issues new guidelines for crypto providers to comply with restrictive measures

On November 14, the European Banking Authority (EBA) released comprehensive guidelines for Payment Service Providers (PSPs) and Crypto-Asset Service Providers (CASPs) to ensure alignment with European Union (EU) and national restrictive measures. These guidelines aim to reduce risks and strengthen compliance when transferring funds or crypto assets.

Nov 22, 2024

New crypto regulations aim to keep startups from 'sailing away' to the U.S.

The UK government is set to introduce new cryptocurrency regulations aimed at countering the growing appeal of the United States as a destination for crypto businesses. In response to concerns of regulatory delays following Brexit, the legislation focuses on establishing a clearer framework for stablecoins and staking activities, with the goal of strengthening the UK’s position as a global hub for digital assets.

Nov 22, 2024

OpenAI chooses Paris as its new home base

OpenAI, the world’s largest artificial intelligence company, has announced it will establish a new base in Paris.

Nov 20, 2024

Crypto investors sound alarm on UK’s capital gains tax hike and regulatory pressure

On October 30, UK Chancellor Rachel Reeves announced a capital gains tax (CGT) rate increase for high-income individuals, raising it to 24%. This change has raised concerns in the cryptocurrency community, where some investors fear that increased tax and regulatory pressures will diminish the UK's appeal for digital asset investment.

Nov 20, 2024

UK’s digital assets bill brings much-needed clarity to digital asset regulation

On November 6, the UK government issued an updated version of the Property (Digital Assets Etc.) Bill, clarifying its approach to defining digital assets, including crypto tokens, as recognized property under English law. The update aims to provide greater security and clarity for individuals and businesses engaging with digital assets.

Nov 20, 2024

Outlier Ventures CCO: People may use a 'more efficient, much less costly system to achieve the same user benefit'

Matt Law, Chief Commercial Officer at Outlier Ventures, said that it would not "surprise" him if many people embrace "more efficient," cost-effective systems like tokenization to gain the "same user benefit."

Nov 16, 2024

Crypto Comments
Loading...

No comments available.

Trending
1

Crypto investors sound alarm on UK’s capital gains tax hike and regulatory pressure

2

UK’s digital assets bill brings much-needed clarity to digital asset regulation

3

OpenAI chooses Paris as its new home base

4

New crypto regulations aim to keep startups from 'sailing away' to the U.S.

5

European banking authority issues new guidelines for crypto providers to comply with restrictive measures