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 <p class="is-style-lead">In a consultation paper released on Nov. 24, the European Banking Authority (EBA), an EU agency tasked with implementing a standard set of <a rel="noopener noreferrer nofollow" title="rules" href="https://thebittimes.com/tag/rules.html">rules</a> to regulate banking across all EU countries, highlights that existing regulations governing Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) standards compliance for <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> <a rel="noopener noreferrer nofollow" title="provide" href="https://thebittimes.com/tag/provide.html">provide</a>rs are inadequate.&nbsp;</p>
 <p>The EBA has since invited interested parties to <a rel="noopener noreferrer nofollow" title="provide" href="https://thebittimes.com/tag/provide.html">provide</a> comments until Feb. 26.</p>
 <h2 class="wp-block-heading" id="the-proposal-in-effect">The proposal, in effect</h2>
 <p>As stated in the Executive Summary,&nbsp;the paper&nbsp;comes as bid to enhance measures for detecting missing or incomplete information on the payer or payee; the EBA is suggesting the repeal of the 2017 Joint European Supervisory Authorities (ESAs) Guidelines under Article 25 of Regulation (EU) 2015/847. This move aims to streamline procedures and better manage fund transfers lacking essential information within the regulatory framework.</p>
 <p>Worth noting is that in section four of the consultation paper, labeled “Preventing the Abuse of Funds and Certain Crypto-Assets Transfers,” Crypto Asset Service Providers (CASPs) will now be mandated to obtain and maintain information on self-hosted addresses. Furthermore, the <a rel="noopener noreferrer nofollow" title="rules" href="https://thebittimes.com/tag/rules.html">rules</a> require CASPs to ensure individual identification of <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> asset transfers and verify ownership or control of the address by the CASP customer.</p>
 <p>These stipulations would come into effect when the transfer amount from a self-hosted account surpasses 1,000 euros, although the EBA does not specify whether this threshold is on a monthly, daily, or one-time basis.</p>
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 <h2 class="wp-block-heading" id="steps-toward-regulation">Steps toward regulation</h2>
 <p>This news comes just two months after&nbsp;European lawmakers&nbsp;endorsed the DAC8 directive on Sept. 13, with 535 votes in favor, to empower tax authorities to oversee and regulate <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currency transactions across the EU.</p>
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 <p>Together, this marks another step in providing comprehensive monitoring capabilities for transactions conducted by individuals and companies within the region, in what may be leading steps for the industry as a whole.</p>
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  <svg class="cn-block-related-link__icon icon" aria-hidden="true"><use xlink:href="#"></use>
  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Ukraine declares intention to adopt Europe’s MiCA regulations
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/european-banking-authority-proposes-overhaul-of-aml-cft-rules-for-crypto-providers-tbt71531.html">https://thebittimes.com/european-banking-authority-proposes-overhaul-of-aml-cft-rules-for-crypto-providers-tbt71531.html</a></p>

European Banking Authority proposes overhaul of AML, CFT rules for crypto providers

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