Why the latest EU Anti-Money Laundering rules targeting crypto crime make compliance key

When the June 3 deadline for complying with the Sixth Anti-Money Laundering Directive hits, businesses around the world will be legally liable for KYC compliance.When the European Union’s Sixth Anti-Money Laundering Directive comes fully into force on June 3, every company that provides financial services to cryptocurrency will have to comply with much tougher regulations about when and how they identify customers.

Strictly speaking, the 6AMLD has been in force since December 2020,This means all e-wallet providers and digital asset exchanges — among others — that have any European customers will need to be registered with EU authorities and perform stricter Know Your Transaction, or KYT, monitoring for illegal activities involving fraud, cybercrime, and money laundering and terrorism financing.

Along with 5AMLD and 6AMLD regulations, Crystal Blockchain supports other regional regulatory regimes, as well as international requirements such as Financial Action Task Force rules. It promises a fast response time to regulatory changes.

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Author: Priyanka

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