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The European Union’s banking watchdog, the European Banking Authority (EBA), is proposing to strengthen anti-money laundering (AML) regulations for crypto firms. They are taking this step to prevent crypto companies from facilitating illegal transactions and protect the integrity of the EU’s financial system.
The EBA’s proposal involves subjecting crypto firms to the same detailed record-keeping requirements that apply to traditional financial institutions. Furthermore, the proposed rules will force crypto firms to report any suspicious activity to European authorities and keep meticulous records of all transactions.
Additionally, a centralized automated system may be introduced to help regulators and financial intelligence units monitor crypto transactions more efficiently. The aim is to enhance regulatory oversight, protect investors, and prevent fraudulent transactions in the rapidly growing crypto market.
Source: CoinJournal
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