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EU Plans AML Rules, Travel Rule for Entire Cryptocurrency Industry

By Gabriel Vedrenne

EU officials want to expand anti-money laundering rules that now apply to digital wallet providers and exchanges of cryptocurrency and mainstream currency to cover a much broader spectrum of activity, a draft regulation obtained by ACAMS moneylaundering.com shows. On July 20, the European Commission, the EU's executive branch, will unveil an AML action plan that proposes to create an EU-wide AML supervisor, iron out differences between the AML regimes of the bloc's 27 nations and extend anti-financial crime obligations to all virtual asset service providers, or VASPs. The plan also calls for the extension of the "travel rule" to VASPs,...

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