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On 6 October 2025, the European Banking Authority ("EBA") published its report entitled "Tackling ML/TF Risks in Crypto-Asset Services Through Supervision" (the "Report").
The Report summarises key findings and lessons learned from actions taken by national competent authorities and the EBA regarding the identification and management of money laundering and terrorist financing (ML/TF) risks associated with crypto-asset businesses.
The Report highlights the importance of robust anti-money laundering and countering the financing of terrorism (AML/CFT) compliance for crypto-asset service providers and offers guidance to competent authorities on future supervisory approaches to address identified weaknesses in AML controls, governance and transparency within the EU crypto-asset sector.
Additionally, the Report identifies persistent ML/FT risks and supervisory gaps, including circumvention tactics such as lack of authorisation, forum shopping, misuse of reverse solicitation, unclear beneficial ownership and complex corporate structures.
The EBA emphasises that national prudential strategies for crypto-asset service providers operating in the EU market must be shaped by these findings.
Under the MiCA1 regime and the strengthened AML/CFT legislation (AMLR, AMLD6, AMLAR), enhanced safeguards have been introduced, including stricter governance and transparency requirements as well as stronger enforcement powers and sanctions.
Firms operating in the crypto-asset industry are now required to demonstrate effective and practical AML/CFT compliance. The identification and management of money laundering and terrorist financing risks associated with crypto-asset businesses must be prioritised.
Footnote
1 Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto-assets.
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