The European Union’s banking regulator, the European Banking Authority (EBA), wants to update existing anti-money laundering rules and focus on combatting the financing of terrorism (AML/CFT) for crypto providers. 

In a consultation paper published on Nov. 24, the EBA explains that current European regulations are no longer sufficient to govern AML/CFT standards compliance among crypto providers. The proposed new industry guidelines are intended to address these issues, and the EBA has given interested parties until Feb. 26, 2024 to comment.

In particular, the EBA suggests merging the AML/CFT criteria for payment service providers (PSPs) and crypto-asset service providers (CASPs). It…

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