ECON amendments to the revised EU AML/CFT legislation: stricter rules for crypto-asset service providers
On Tuesday, 28 March 2023, the European Parliament’s Economic and Monetary Affairs Committee (ECON) adopted its position on the proposed anti-money laundering and counter-terrorism financing legislative package that was published by the European Commission (Commission) in July 2021. In our earlier blog post, we provided a general overview of the measures adopted where we flagged that one of the key elements of the set of amendments voted in the ECON committee is an introduction of much stricter AML/CFT rules for crypto-market participants. Whilst the publication of the final ECON report is pending, this note summarises key provisions relevant to crypto-assets and reflected in the final set of compromise amendments that were subject to the vote.