Cryptonews – 21 mars 2018 :
- The AML Directive has enhanced the rules in terms of customer due diligence and risk assessment.
- Additional regulations are under way.
Recent decisions by the European Commission show a considerable shift from the laissez-faire approach towards fintech regulation, including blockchain and cryptocurrency, in the EU, Brice Boland, Manager Senior at Initio, a business consultancy firm, told Cryptonews.com.
EU commissioners are now pushing for an amended version of the EU’s Fourth Anti-Money Laundering Directive (4 AMLD), as its current version is not well adapted to the ongoing growth of cryptocurrencies, Boland added.
« After the amendment comes into force, professionals and especially exchange services between virtual and fiat currencies and custodian wallet providers will have to comply, which includes, of course, compliance with the regulations in their country of incorporation, » explains Boland. « Furthermore, all the services linked to cryptocurrencies will need to be registered to the AML authority of their jurisdiction. »