Under the new rules, crypto asset service providers must collect and make available certain information about the sender and beneficiary of the transfers of crypto assets they operate, regardless of the amount of crypto assets being transacted. This will ensure the traceability of crypto-asset transfers to identify suspicious transactions better and block them.
Presented by the Commission on 20th July 2021, this regulation is a component of a package of legislative proposals to boost the EU's anti-money laundering and countering terrorism financing (AML/CFT) rules. The package also proposes to create a new EU authority to fight money laundering.
The Council agreed to its position on the transfer of funds proposal on 1st December 2021. Trilogue negotiations started on 28th April 2022 and ended in a provisional agreement on 29th June. Formal adoption is the final step in the legislative process
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RBI Regulatory Advisory
Raiffeisen Bank International AG | Member of RBI Group | Am Stadtpark 9, 1030 Vienna, Austria | Tel: +43 1 71707 - 5923