The European Banking Authority has opened a consultation on amending due diligence guidelines for anti money laundering (AML) processes. It means transactions with self hosted wallets will be considered risky.
In March, the EU Parliament voted in favor of four pieces of AML legislation imposing the same due diligence requirements on crypto-asset service providers (CASPs) that apply to credit and financial institutions.
The latest guideline proposals include various additions, but two stand out. The less surprising one is that transactions involving mixers or some kind of privacy or encryption are considered risky. While there tends to be a lack of recognition that only some people that like privacy are dodgy, AML has bulldozed the right to privacy in every other financial sphere.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
