The European Union’s banking regulator, the European Banking Authority (EBA), wants to update existing Anti-Money Laundering and Combatting the Financing of Terrorism (AML/CFT) rules for crypto providers.
In a consultation paper published on Nov. 24, the EBA explains that current European regulations are no longer sufficient to govern AML/CFT standards compliance among crypto providers. The proposed new industry guidelines are intended to address these issues, and the EBA has given interested parties until Feb. 26, 2024, to comment.