The European Banking Association (EBA) has called for more
details regarding the European Union's (EU) plan to impose tighter anti-money
laundering (AML) controls on digital currency exchanges and custodial wallet
services.
The group, which counts more than 100 major banking
institutions as members, offered comment yesterday on a prior proposal from the
executive branch of the EU to bring exchange and wallet services under the Anti-Money Laundering Directive. Proponents say the move
would end the perceived anonymity of purchases and transactions conducted using
the technology.
Still, critics have attacked the proposal by the European
Commission as too onerous or redundant, as it would ultimately fall on services
already subject to national regulation. The European Commission has been
publicly exploring options since earlier this year.
In comments, the EBA largely welcomed the European
Commission's recommendations, but said that overall the proposal falls short,
and that provisions focused on data collection should be strengthened.
