New AML rules

🇪🇺 Meet our digest on new rules to stop illicit crypto flows in the EU 🇪🇺

The EU has reached a deal on the new AML rules, which has great importance for the crypto market. The negotiations’ focus was on handling transfers from CASPs (Crypto Asset Services Providers, e.g. exchangers) to/from self-custody wallets.

Let’s have a brief overview of the decisions taken:

🔹There are no exemptions for transfers between CASPs, with ensured traceability from the first euro.

🔹TFR (The so-called transfer of funds regulation, or TFR, seeks to strengthen anti-money laundering requirements to ensure that crypto transfers can always be traced and suspicious transactions blocked) rules don’t apply to P2P transfers.

🔹The TFR will apply to transfers between a CASP & a wallet, and CASPs will have to collect information and use “risk-based” AML measures. The verification is only mandatory if the wallet belongs to the CASPs client and the transfer is more than €1000.

🔹If a customer sends or receives more than €1000 to or from their un-hosted wallet, the CASP will need to verify whether this customer owns the un-hosted wallet.

The law will come into force in 2024. AMLBot works with CASPs and individual clients, so you can always reach out in case any AML service is needed ✅