Europe: EBA responds to EC’s virtual currency AML plans
12 Aug 2016

After a surge in terrorist atrocities pushed the supply of funds to illicit organisations up the political agenda, in February the EC set out proposals to make amendments to the recently introduced Fourth Anti-Money Laundering Directive.

In July the Commission confirmed that among the changes it is adopting is bringing virtual currency exchange platforms and custodian wallet providers under the scope of the directive.

In a new opinion, the EBA welcomes the proposal but asks the EC to rethink its timeline. Member states have a legal obligation to transpose the directive by 26 June 2017 but have committed to do so early – by this December.

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