EU AML Rules Ban Anonymous Accounts, Privacy Coins

European Union anti-money laundering (AML) rules will ban anonymous crypto accounts and privacy coins like Monero (XMR) by 2027. New AML regulations specifically forbid credit institutions, financial institutions and crypto asset service providers (CASPs) from maintaining or working with anonymous accounts or anonymity-enhancing cryptocurrencies, according to the AML Handbook, recently published by the European Crypto Initiative (EUCI). “The anonymity of crypto-assets presents significant risks of misuse for criminal purposes,” the EUCI wrote in its handbook. “Anonymous crypto-asset accounts and other anonymising instruments hinder the traceability of transactions, complicating the detection of suspicious activity and the application of effective customer due diligence measures.” To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io