FCC RegUpdate

On November 27, 2023, the European Banking Authority (EBA) issued its updated Risk-Based Supervision Guidelines, expanding the scope of Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) supervision for competent authorities overseeing crypto-asset service providers (CASP). The guidance establishes clear expectations for supervisors in identifying and managing money laundering and terrorism financing (ML/TF) risks within this sector.

For More Information- https://www.fcctimes.com/2023/12/14/eu-strengthens-aml-cft-oversight-eba-expands-guidelines-to-include-crypto-asset-service-providers/?utm_source=RZOLUTWebsite&utm_medium=FCCRegUpdate27Dec

These amending Guidelines are scheduled to take effect on December 30, 2024.

Key components of the Guidelines include:

  • Advocating unified EU supervision for cross-border CASPs to ensure consistent understanding among Member States.
  • Emphasizing the importance of crucial training for competent authorities to enhance technical expertise.
  • Instructing competent authorities to consider diverse sources when assessing ML/TF risks in CASPs.