EU Anti-Money Laundering Authority Warns Crypto Firms of New Regulations

Key Points

1. The EU's Anti-Money Laundering Authority (AMLA) will oversee compliance with new regulations for crypto exchanges, custodial wallet providers, and crypto ATMs.

2. Bruna Szego, chair of AMLA, highlighted the importance of protecting the EU from money laundering risks posed by inconsistent controls between member states.

3. Cryptocurrency service providers must obtain regulatory approval under MiCA and adhere to varying national AML requirements.

4. New rules require VASPs to provide direct access to Financial Intelligence Units and AMLA, with full implementation by July 2027.

5. Recent enforcement actions include Binance's €3.3 million fine in the Netherlands and a French probe into suspected terrorist financing and tax fraud.