New AML rules come into effect: suggest crypto exchange registration

July 10, 2018
Chris Wheal

After a fifth review and two years of negotiations, European Union (EU) new anti-money laundering (AML) rules came into effect in the trading bloc on Monday.

New anti-money laundering rules come into effect

Controversy remained, however, with the EU already facing calls for additional reforms following revelations of gaps in how national governments interpret the laws, exposed by banking scandals in Malta, Estonia and Latvia.

Co-operation weak

Indeed, EU lawmakers are concerned that measures requiring member states to set up centralized registers of bank accounts are not being fully adhered to, while co-operation between national financial intelligence units remains weak.

Meanwhile, digital currency exchanges that provide transactions and withdrawals between crypto and fiat currencies are required to register, despite falling outside of the current regulatory perimeter.

Regulatory body called for

To this end, calls for a regulatory body governing the new anti-money laundering rules has been suggested.

EU lawmaker Sven Giegold said: “The Commission cannot hesitate any longer in bringing forward a legislative proposal for a European anti-money laundering authority.”

Post written by Chris Wheal
Chris Wheal is editor of OpenLedger's news and features service. An award-wining business journalists himself, he runs a team of freelance journalists from across the UK and north America.

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