EBA’s amended guidelines to include MiCA CASP and their AML/CFT obligations
With the publication of the Markets in Crypto Assets (MiCA) Regulation in the official journal of the European Union (EU), regulatory authorities have embarked on a rigorous compliance journey. In addition to the extensive and comprehensive provisions of MiCA, Crypto-Asset Service Providers (CASP) are now required to adhere to the European anti-money laundering (AML) legislative framework.
In line with these developments, the European Banking Authority (EBA) has commenced a revision process for its ML/TF Risk Factor Guidelines, expanding their applicability to include CASP. This indicates the recognition of CASP obligations within the framework of anti-money laundering and counter-terrorism financing (AML/CFT) to be the same as credit and financial institutions. This categorises CASP, along with credit and financial institutions, and it is significant as it requires the upholding of the same AML/CFT requirements and standards. This is one of the building blocks that pave the way towards wider acceptance by credit institutions to establish relationships with CASP.
In this article, the SALVUS Crypto-Assets team delves into the AML/CFT obligations applicable to crypto-asset service providers operating under the MiCA regulation. The team also examines the newly introduced EBA guideline designed specifically for the CASP sector. The article focuses on key areas, including:
- Identifying ML/TF risk factors
- Assessing the ML/TF risk
- Customer Due Diligence, Enhanced and Simplified
- CASP ML/TF specific factors
- How SALVUS can assist a CASP registration under CySEC
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Find the full article here: https://salvusfunds.com/2023/06/21/ebas-amended-guidelines-to-include-mica-casp-and-their-aml-cft-obligations/
