EU adopts strict crypto due diligence against money laundering.

Samiksha

On January 18, according to CoinDesk, EU policymakers reached a temporary agreement on aspects of a comprehensive regulatory framework to combat money laundering. This agreement will require all crypto companies to conduct due diligence on their customers. The Anti-Money Laundering Regulation (AMLR) is a comprehensive effort to combat sanctions evasion and money laundering. It includes the creation of a single rulebook and the establishment of a regulatory authority with oversight over the crypto industry.

The European Parliament and the Council (composed of finance ministers from the 27 EU member states) have agreed on measures, including the application of "customer due diligence measures" by crypto companies for transactions of €1,000 (approximately $1,090) or more. The announcement on Wednesday stated that the agreement also added some measures to mitigate risks associated with transactions involving self-hosted wallets. Vincent Van Peteghem, the Finance Minister of Belgium, stated, "This agreement is a crucial part of the EU's new anti-money laundering system. It will enhance the organization and coordination of national anti-money laundering and counter-terrorism financing systems. This will ensure that fraudsters, organized crime, and terrorists have no space to legitimize their proceeds through the financial system."

Earlier on January 16, the European Banking Authority expanded anti-money laundering measures to include cryptocurrency companies.

977Iti

Money laundering needs to be combated.

Kahn332

So, it's a matter that should be taken seriously.

Indra55

Caution and security come first!

Jatin255

Caution and security come first!