As a part of the MiCAR, the EBA and ESMA were given several mandates that are key to ensuring that ML/TF risks are identified and tackled. These include mandates in relation to:

• authorisations and notifications;
• assessments for the acquisition of qualifying holdings;
• suitability assessments of members of management bodies and of shareholders and members with qualifying holdings;
• governance arrangements;
• colleges;
• redemption plan; and
• transfer services.

CASPs and issuers of E-Money Tokens (EMTs) will be obliged entities under the Anti-Money Laundering Directive (AMLD). Issuers of asset-referenced tokens (ARTs) are not necessarily financial institutions or ‘obliged entities’ for AML/CFT purposes. ARTs have nevertheless to ensure that they are not used for financial crime purposes. The draft instruments set out what institutions and their supervisors should do to maintain the integrity of the sector once MiCAR applies. The consultation papers and final reports once published can be found on ESMA and EBA’s respective websites.