Irish Banks Strongly Support EU’s Anti-Money Laundering Push

Fazzaco learned that Irish banks strongly supported a forthcoming anti-money laundering (AML)regulations reform launched by the European Union, which would have a great influence on the crypto industry.

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Shortly before, the European Commission put forward a set of legislative proposals aiming at enhancing the EU’s anti-money laundering and countering terrorism financing rules that would apply to the crypto sector. The amendments are expected to ensure “full traceability of crypto-asset transfers.” The legislation envisages the establishment of a new EU Anti-Money Laundering Authority (AMLA), which will eliminate suspicious cross-border transactions in the region.

“The proposed changes include a set of radical reforms that will greatly assist and bolster our members in their daily and ongoing work – detecting, preventing and disrupting money laundering and the financing of terrorism here in Ireland and across the EU,” Keith Gross, who leads financial crime and security at the Banking & Payments Federation Ireland, addressed.

The regulations will compel crypto exchanges, for example, to identify the sellers and buyers of crypto assets, and limit cash transactions across the union to €10,000. The new rules will affect not only cryptocurrency platforms and banking institutions but will extend the EU supervision over the legal, accounting, and real estate sectors as well.