CryptoGamble.tips»Revamped EU Regulations Target Crypto Coin Laundering

Revamped EU Regulations Target Crypto Coin Laundering

Ekaterina Abramova Photo in GTA Style
Published on: January 24, 2024
Last updated: January 24, 2024
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In the European Union (EU), crypto firms are poised to face more rigorous anti-money laundering measures after adopting a fresh regulatory structure jointly approved by the council and parliament. Under the recently established regulations, every EU member state is granted expanded authority, enabling them to have instantaneous and direct access to financial, administrative, and law enforcement records.
Key Takeaways

The Changes Explained

This newfound capability is specifically designed to facilitate heightened due diligence processes for vendors of crypto-asset services, payments involving high-risk third governments, and traders dealing in luxury goods. These records encompass:
  • tax data;
  • details on funds frozen due to sanctions;
  • and information regarding fund and digital coin transactions.
Member states now possess the authority to temporarily halt or withhold consent for a transaction, allowing them to scrutinise its potentially suspicious nature. EU-based crypto enterprises must adopt robust know-your-customer practices, involving thorough information assurance and reporting any questionable activity related to transactions surpassing €1,000. Additionally, the framework broadens due diligence efforts by introducing measures to mitigate money laundering payment-related risks involving self-hosted wallets. On top of that, it addresses concerns related to cross-border correspondent relationships concerning crypto assets. Finalisation of the framework's language is pending before its submission for approval by EU member states. After receiving approval, the Council for Europe and Parliament will officially embrace the texts, paving the way for their inclusion in the EU's Official Journal before publication.
Ekaterina Abramova Photo in GTA Style
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Ekaterina Abramova, with her profound attention to detail and a personal love for mythological and Egyptian-themed slots, has swiftly made her mark at CryptoGamble. Her passion for slots like "Book of Dead" reflects in her meticulous writing, captivating crypto gamblers with her insightful and relatable articles. Just one year into her journey, Ekaterina's dedication to enriching the gambler's experience shines through, inviting readers to join her in exploring crypto gambling with a fresh, informed perspective.
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