CandleFocus EU’s new AML framework for crypto-asset businesses takes effect in 2025
2024-12-07
Author: Content Editor
The European Union (EU) is implementing new anti-money laundering (AML) regulations in the crypto space starting next year. The new regulations aim to strengthen oversight and combat financial crimes in the EU's financial system. The regulations will include the establishment of the Anti-Money Laundering Authority (AMLA) to promote collaboration and reduce risks. Previously, AML regulations only applied to certain crypto service providers and focused on money laundering and terrorist financing. However, following high-profile crypto crimes and the involvement of cross-border elements, the EU decided to broaden the regulations to cover a wider range of crypto assets and service providers. The full legislative AML policy package is expected to be implemented by the end of 2025 and will also encompass other financial intermediaries. The new framework will require specific details for wire and crypto-asset transfers, such as Legal Entity Identifiers (LEIs), and crypto service providers will need to share originator and beneficiary information with law enforcement.
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