The European Council has reached an agreement to form an anti-money laundering body that will have the authority to supervise certain crypto asset service providers, or CASPs.<\/p>\n
In a Wednesday announcement, the council said it had agreed on a partial position of a proposal to launch a dedicated Anti-Money Laundering Authority, or AMLA. According to the regulatory body, the AML body will have the authority to supervise \u201chigh-risk and cross-border financial entities\u201d including crypto firms \u2014 \u201cif they are considered risky.\u201d<\/p>\n
European Parliament member Ond\u0159ej Kova\u0159\u00edk said EU officials had also reached a \u201cprovisional political agreement\u201d on the government body\u2019s Transfer of Funds Regulation. Not all the details of the revision are clear at the time of publication, but Cointelegraph reported that a March draft of the regulation could require crypto service providers to collect personal data related to transfers of any size made to and from unhosted wallets, as well as potentially verify their accuracy.<\/p>\n
\u201cWe are putting an end to the wild west of unregulated crypto, closing major loopholes in the European anti-money laundering rules,\u201d said European Parliament member Ernest Urtasun. \u201cThe rules won\u2019t apply to P2P transfers where there is no obliged entity involved […] CASPs will be required to collect information and apply enhanced due diligence measures with respect to all transfers involving unhosted wallets, on a risk basis.\u201d<\/p>\n