Euro Central Bank backs money laundering rules for virtual currency exchanges

477

October 25 2016

Plans to bring virtual currency exchanges and digital wallet providers within the scope of EU anti-money laundering (AML) legislation have been backed by the European Central Bank (ECB).

he ECB said it “strongly supports” the proposals to extend the Fourth Anti-Money Laundering Directive (AMLD4), noting that “terrorists and other criminal groups are currently able to transfer money within virtual currency networks by concealing the transfers or by benefitting from a certain degree of anonymity on such exchange platforms”.