Irish banks welcome the upcoming reform of EU anti-money laundering regulations, which will affect the cryptocurrency sector. The Irish banking organization expressed support for reforms aimed at disrupting illegal transactions at the union level, while calling it “radical”.

The Bank of Ireland says the new anti-money laundering agency will clean up suspicious transactions in the EU

According to the “Irish Independent Daily” report, Irish financial institutions have expressed a positive attitude towards the reform of the EU’s anti-money laundering mechanism. According to the Banking and Payments Federation of Ireland (BPFI), the EU plans to establish a new anti-money laundering agency that will eliminate suspicious cross-border transactions within the EU.

Bank of Ireland applauds EU's

Keith Gross, who is responsible for financial crime and security at BPFI, quoted the publication as saying that the proposed changes include “a series of radical reforms that will greatly help and support our members in their daily and ongoing work… Detect, prevent and disrupt money laundering and the financing of terrorism in Ireland and throughout the European Union.”

Earlier this week, the European Commission proposed a set of legislative proposals aimed at strengthening EU anti-money laundering and anti-terrorist financing rules applicable to the crypto industry. The amendment is expected to ensure “full traceability of the transfer of encrypted assets.” The legislation envisages the establishment of a new EU Anti-Money Laundering Agency (AMLA).

For example, the regulations will require cryptocurrency exchanges to identify sellers and buyers of crypto assets. They also limit cash transactions for the entire union to 10,000 euros. The new rules will not only affect cryptocurrency platforms and banking institutions, but will also expand the EU’s supervision of the legal, accounting and real estate industries.

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Under the existing regulatory framework, national authorities are free to interpret anti-money laundering rules, and Ireland has been criticized by Brussels for failing to properly supervise lawyers, accountants and other agents who set up trusts on behalf of clients. Although Dublin has three agencies responsible for combating anti-money laundering crimes: the Garda Financial Intelligence Unit, the Ministry of Justice and the Central Bank of Ireland.

The updated rules will apply to the 27 member states of the European Union. A media report cited an EU document disclosed earlier this month that EU officials hope that the anti-money laundering law authorities will help prevent EU money laundering through “direct supervision and decisions on some of the most risky cross-border financial sector obligatory entities” And terrorist financing cases. .

What is your opinion on the EU’s proposed anti-money laundering reform? Share your thoughts on this topic in the comments section below.

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