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EBA issues guidance to crypto-asset service providers to effectively manage their exposure to ML/TF risks

In January, we extended our Guidelines on money laundering and terrorist financing (ML/TF) risk factors to crypto-asset service providers (CASPs). CASPs can be abused for financial crime purposes, including ML/TF. The risk of this happening can be increased as a result of, for example, the speed of crypto-asset transfers or because some products contain features that allow the user’s identity to be hidden.

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date:  30/04/2024

These amendments will help CASPs identify whether they are exposed to higher or lower levels of ML/TF risk due to its customers, products, delivery channels and geographical locations. Given the interdependence of the financial sector, other credit and financial institutions may also be exposed to risks associated with crypto assets and therefore more guidance is also provided on this.