Banks in Ireland have voiced support for the European Union’s anti-money laundering push, they believe this will affect the crypto space and also disrupt illicit transactions.
According to the Irish daily Independent, financial institutions in Ireland have indicated support for plans to revamp the European Union’s anti-money laundering measures.
The new AML body that the EU proposes to create, according to the Banking & Payments Federation Ireland (BPFI), will weed out suspect cross-border transactions in the union.
According to the journal, the proposed changes include a “set of radical reforms that would substantially aid and bolster our members in their daily and ongoing work – identifying, preventing, and disrupting money laundering and the funding of terrorism here in Ireland and across the EU.”
The European Commission released a set of legislative recommendations earlier this week aimed at strengthening the EU’s anti-money laundering and counter-terrorism financing standards, which will apply to the crypto industry.
“Full traceability of crypto-asset transfers” is intended to be ensured by the revisions. The bill calls for the creation of a new EU Anti-Money Laundering Authority (AMLA).
Crypto exchanges, for example, will be required to identify the sellers and buyers of crypto assets under the legislation. They will also set a cap of €10,000 for cash transfers across the union.
The new restrictions will have an impact on not only bitcoin platforms and banking institutions, but also the legal, accounting, and real estate industries.
National authorities are free to interpret AML requirements under the current regulatory framework, and Ireland has been chastised by Brussels for failing to adequately supervise attorneys, accountants, and other agents who set up trusts on behalf of clients.
Despite the fact that Dublin has three agencies tasked with addressing AML violations: the Garda Financial Intelligence Unit, the Department of Justice, and the Central Bank of Ireland, the city still has a long way to go.
The new laws will apply to all 27 member nations of the European Union.
According to a media source citing EU documents, EU officials expect the AMLA authority to help prevent money laundering and terrorism funding cases in the European Union by “actively supervising and taking decisions towards some of the riskiest cross-border financial sectors obliged organizations.”
