EBA report on the approach to AML/CFT
The EBA has published a report on the supervisory approach to money laundering and terrorist financing risks in the crypto market. What should be known?
Obligation to implement AML/KYC procedures
The EBA noted that entities subject to MiCA should implement effective measures to prevent the use of their services for financial crimes.
“Forum shopping” as one of the main risks
The report indicates that one of the main risks in the AML/CFT area is relocating operations between countries to avoid effective supervision.
Errors in outsourcing agreements
According to the EBA, a significant risk is the lack of precision and gaps in outsourcing agreements, especially those concluded within capital groups.
Cooperation between supervisory authorities
Supervisory authorities should work closely together, using, among other tools, blockchain analysis and national registers maintained in the member states.
Change of the competent authority
A new authority – the Anti-Money Laundering and Countering the Financing of Terrorism Authority (AMLA) – has been established and will take over the EBA’s competences by the end of 2025.
