Fun

Irish Banks Hail EU’s ‘Radical’ Anti-Money Laundering Push

News Feed - 2021-07-25 05:07:02

Irish Banks Hail EU’s ‘Radical’ Anti-Money Laundering Push


Banks in Ireland have welcomed an upcoming reform of the European Union’s anti-money laundering regulations that will affect the crypto space. The Irish banking industry organization voiced support for the changes aimed at disrupting illicit transactions at the union level while calling them “radical.” New AML Body to Weed Out Suspicious Transactions in the EU, Irish Banks Say


Financial institutions in Ireland have expressed their positive attitude towards intentions to reform the anti-money laundering mechanisms of the European Union, the Irish daily Independent reported. According to the Banking & Payments Federation Ireland (BPFI), the new AML authority the EU plans to create will weed out suspicious cross-border transactions in the bloc.



Quoted by the publication, Keith Gross, who heads financial crime and security at the BPFI, noted that the proposed changes include a “set of radical reforms that will greatly assist and bolster our members in their daily and ongoing work – detecting, preventing and disrupting money laundering and the financing of terrorism here in Ireland and across the EU.”


Earlier this week, the European Commission put forward a set of legislative proposals tailored to strengthen the EU’s anti-money laundering and countering terrorism financing rules that will apply to the crypto sector. The amendments are expected to ensure “full traceability of crypto-asset transfers.” The legislation envisages the establishment of a new EU Anti-Money Laundering Authority (AMLA).


The regulations will oblige crypto exchanges, for example, to identify the sellers and buyers of crypto assets. They will also limit cash transactions across the union to €10,000. The new rules will affect not only cryptocurrency platforms and banking institutions but will extend the EU supervision over the legal, accounting, and real estate sectors as well.


Under the existing regulatory framework, national authorities are free to interpret AML rules and Ireland has been criticized by Brussels for failing to properly oversee lawyers, accountants, and other agents setting up trusts on behalf of clients. That’s despite Dublin having three institutions responsible for combating AML offenses: the Garda Financial Intelligence Unit, the Department of Justice, and the Central Bank of Ireland.


The updated rules will be applicable across the European Union’s 27 member states. EU officials expect the AMLA authority to help prevent money laundering and terrorist financing cases in the European Union by “directly supervising and taking decisions towards some of the riskiest cross-border financial sector obliged entities,” a media report quoting EU documents revealed earlier this month.


What’s your opinion about the proposed AML reforms in the European Union? Share your thoughts on the subject in the comments section below. Switzerland’s Largest Bank UBS Says Clients Have Crypto FOMO FINANCE | 2 days ago Goldman Sachs Survey Shows Family Offices Are Flocking to Crypto Investments FINANCE | 3 days ago Tags in this story agency, AML, AML authority, AMLA, Authority, Banking institutions, banks, BPFI, CFT, EU, Europe, european, european commission, European Union, Financial Institutions, framework, industry organization, Ireland, Money Laundering, reforms, Regulations, Regulators, rules


Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments

News Feed

Helen Partz9 hours agoUK passes bill to enable authorities to seize Bitcoin used for crimeFiled in September 2022, the Economic Crime and Corporate Transparency Bill is expected to receive royal assent on Oct. 26, 2023.5
Bitcoin Runes fees surpass 1,200 BTC as miners reap rewards post-halving
Gareth Jenkinson11 hours agoBitcoin Runes fees surpass 1,200 BTC as miners reap rewards post-halvingBitcoin miners are reaping the benefits of Runes after the halving, with skyrocketing transaction fees lessening the imp
What are Bitcoin whales and how to spot them?
Tobias Vilkenson12 hours agoWhat are Bitcoin whales and how to spot them?Follow Bitcoin whales’ trails: track their tactics, from manipulation to stop-loss hunting and explore their market impact for navigating crypto
This Company Sets Out to Prove Crypto Mining Has a Place in Your Home
This Company Sets Out to Prove Crypto Mining Has a Place in Your Home Hotmine, a company based in Ukraine which engineers home appliances for crypto enthusiasts, is not new to mi
Derek Andersen3 hours agoARK, Glassnode propose Bitcoin economic analytics framework using new metricIn Cointime Economics, the time Bitcoin has been held is considered when it is transacted, giving hodlers’ transactio
Crypto Biz: Tether to track USDT usage, Cipher gets takeover offer, and more
Ana Paula Pereira6 hours agoCrypto Biz: Tether to track USDT usage, Cipher gets takeover offer, and moreThis week’s Crypto Biz also explores Tether’s new hiring, a takeover bid for Cipher, Grayscale new decentralized
Cambodia Announces State Cryptocurrency as More Details Surface About China’s Digital Yuan
Cambodia Announces State Cryptocurrency as More Details Surface About China’s Digital Yuan With China still in the lead, other countries are advancing their projects to develop
XRP rockets 26% as Ripple execs hail $125M penalty as ‘victory’
Ciaran Lyons7 hours agoXRP rockets 26% as Ripple execs hail $125M penalty as ‘victory’XRP’s price has surged 26% as the Ripple vs. SEC case appears to be nearing its final stages, with no signs suggesting XRP will
Hack VC raises $150M to back crypto and AI startups
Brayden Lindrea3 hours agoHack VC raises $150M to back crypto and AI startupsHack is looking to invest in the most “capital-efficient” DeFi projects and solutions that prevent smart contract and protocol hacks.775 To
Major Swedish Bank Fined $386 Million for Hiding Money-Laundering Evidence
Major Swedish Bank Fined $386 Million for Hiding Money-Laundering Evidence Sweden’s Financial Supervisory Authority (FSA), ’Finansinspektionen’, has fined Swedb
Polkadot (DOT) Must Retest Crucial Support To Sustain Uptrend – Details
Este artículo también está disponible en español. Amidst the recent euphoria around the cryptocurrency market, Polkadot (DOT) has stood out as one of the best-performing
Gareth Jenkinson10 hours agoSEC files charges against Quantstamp for $28M initial coin offeringQuantstamp has agreed to settle charges and will repay proceeds from its 2017 ICO that raised $28 million.3760 Total views30