29 March 2023

EBA consults on amendments to Guidelines on risk-based AML/CFT supervision to include crypto-asset service providers.

By its nature, the provision of crypto-asset services is a cross-border activity. That is why it is important that the same standards apply wherever CASPs operate in the single market. To achieve this, the EBA is proposing to amend its Guidelines on Risk-Based AML/CFT Supervision to clarify how they apply to AML/CFT supervisors of CASPs.

The European Banking Authority (EBA) launched today a public consultation on amendments to its Guidelines on risk-based anti-money laundering and countering the financing of terrorism (AML/CFT) supervision. The proposed changes extend the scope of these Guidelines to AML/CFT supervisors of crypto-asset service providers (CASPs). The consultation runs until 29 June 2023.

By its nature, the provision of crypto-asset services is a cross-border activity. That is why it is important that the same standards apply wherever CASPs operate in the single market. To achieve this, the EBA is proposing to amend its Guidelines on Risk-Based AML/CFT Supervision to clarify how they apply to AML/CFT supervisors of CASPs.

The amendments include guidance on the sources of information competent authorities should consider when assessing ML/TF risks associated with CASPs. They also highlight the importance of a consistent approach to setting supervisory expectations where multiple competent authorities are responsible for the supervision of the same institutions and stress the importance of training to ensure that staff from competent authorities have the technical skills and expertise necessary for the execution of their functions.

Specific AML/CFT guidance for CASPs will be delivered through the forthcoming amendments to the EBA’s Risk Factors Guidelines, the amendments to the Guidelines to prevent the abuse of fund transfers for ML/TF purposes, and new Guidelines on policies and procedures for compliance with restrictive measures. Through these products, the EBA continues its work to strengthen Europe’s AML/CFT defenses.

Consultation process 

Comments to the consultation paper can be sent by clicking on the "send your comments" button on the EBA's consultation page. The deadline for the submission of comments is 29 June 2023. 

The EBA will hold a virtual public hearing on the consultation paper on 7 June 2023 from 14:00 to 16:00 Paris time. The EBA invites interested stakeholders to register using this link by 5 June 2023 at 16:00 CEST.  The dial-in details will be communicated to those who have registered for the meeting.  

EBA

© EBA