European Union supervisors should consider whether crypto-style distributed ledger technology (DLT) is in use as a specific factor when judging money laundering risks, the European Banking Authority has suggested in published draft guidance, reports Coindesk.
The guidance suggests banks and payment providers will be under pressure to enhance scrutiny of crypto companies when considering a client relationship, even amid concerns the blockchain industry is losing access to conventional finance.
Under existing guidance, national authorities need to gather information on individual sectors of the economy to inform their assessment of money laundering threats. That includes the type of customers they have and their linkage with financial crime at home and abroad.
European Union supervisors should consider whether crypto-style distributed ledger technology (DLT) is in use as a specific factor when judging money laundering risks, the European Banking Authority has suggested in draft guidance published Wednesday.
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