To Combat Terrorism, EU Council Ramps Up AML and KYC Requirements for Crypto

[kreslik.news]

The EU Council has adopted changes to EU Directive 2015/849 that will effectively reduce anonymity for users of cryptocurrency. The changes were written to target “the risks linked to virtual currencies” and other financial instruments (ie prepaid cards) by updating the EU’s anti-money laundering (AML) legislation. Under the new rules, crypto trading platforms will be required to implement new know-your-customer (KYC) requirements for transactions.

According to a report by The Bitcoin News, the amendments were adopted without discussion on Monday, May 14th, at a meeting of the General Affairs Council. The new rules are expected to be published in ... (read more)