The European Banking Authority (EBA) is running public consultation on changes to Guidelines on risk-based approach to AML/CFT supervision^[1] (“the Guidelines”). As a result of adopting the Regulation on markets in crypto-assets, and amending Directive (EU) 2019/1937 (MiCA), providing services and activities related to crypto-assets will be covered by EU legislation. Crypto-asset service providers (CASPs) will become subject to EU obligations and supervision with regard to anti‐money laundering and terrorist financing (AML/CFT).

Provision of services related to crypto-assets is inextricably linked to cross-border activities. It is therefore vital that the same AML/CFT standards apply wherever CASPs operate on the single market. The proposed changes are to extend the remit of the Guidelines to cover AML/CFT supervisors of crypto-asset service providers. The changes are to clarify how the Guidelines should be applied to AML/CFT supervisors of CASPs. The amendments concern, in particular, the sources of information that competent authorities should consider when assessing the AML/CFT risk related to CASPs, and highlight the importance of cooperation between the authorities, the stakeholders and the prudential supervisors. They also stress the need for a consistent approach to setting supervisory expectations in cases where multiple authorities are responsible for supervising the same CASP.

The consultation will close on 29 June 2023.

Detailed information on the consultation and proposed changes to the Guidelines: https://www.eba.europa.eu/eba-consults-amendments-guidelines-risk-based-amlcft-supervision-include-crypto-asset-service

^[1] Guidelines on the characteristics of a risk-based approach to anti‐money laundering and terrorist financing supervision, and the steps to be taken when conducting supervision on a risk‐sensitive basis under Article 48(10) of Directive (EU) 2015/849 (The Risk‐Based Supervision Guidelines) (EBA/GL/2021/16).