Remove AML Remove Legal Remove Legal Framework
article thumbnail

EBA calls for strengthening the connection between the EU legal frameworks on AML/CFT, DGSD

The Paypers

The European Banking Authority (EBA) has published an Opinion on how to strengthen the connection between the EU legal frameworks on anti-money laundering and terrorist financing, and deposit protection.

article thumbnail

Bybit Lands in Argentina With VASP and Card Operator Approval

The Fintech Times

In April 2024, the country reviewed the legal framework for virtual assets declaring that providers must register and comply with the duty to report to authorities. This reflects the growing acceptance of digital assets within the country’s legal framework.

article thumbnail

The EBA issues ‘travel rule’ guidance to tackle money laundering and terrorist financing in transfers of funds and crypto assets

Neopay

The Regulation recasts Regulation (EU) 2015/847 and brings the EU’s legal framework in line with the Financial Action Task Force (FATF)’s standards by extending the obligation to include information about the originator and beneficiary to CASPs – the so-called ‘travel rule’. The amending Guidelines will apply from 30 December 2024.

article thumbnail

Understanding Crypto Money Laundering, and How to Get a Handle on It

Fintech News

This decrease suggests that the anti-money laundering (AML) programmes of centralised exchanges are becoming more effective at detecting and mitigating laundering activity. Singapore’s Payment Services Act (PSA) brings crypto businesses under regulatory oversight, imposing strict AML/CFT requirements.

article thumbnail

The EBA consults on new Guidelines on preventing the abuse of funds and certain crypto-assets transfers for money laundering and terrorist financing purposes

Neopay

These Guidelines aim at forging a common understanding to ensure the consistent application of EU law as well as a stronger anti-money laundering and countering the financing of terrorism (AML/CFT) regime. The consultation runs until 26 February 2024.

article thumbnail

The global impact of money laundering in 2024

Neopay

Europe, for example, continues to lead in the implementation of stringent AML regulations. The European Union’s 6th Anti-Money Laundering Directive (6AMLD) has enhanced the legal framework, increasing penalties and expanding the scope of predicate offenses.

article thumbnail

EU Commission advised to establish a single rulebook on fighting money laundering and terrorist financing

The Paypers

The European Banking Authority (EBA) has published its response to a European Commission’s call for advice on how to strengthen the EU legal framework on anti-money laundering and countering the financing of terrorism (AML/CFT).