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Irish Banks Applaud Eus Radical Anti Money Laundering Push Bitcoin Finance

Irish Banks Applaud EU’s “Radical Anti-Money Laundering Drive” Irish banks have applauded the European Union’s planned anti-money laundering overhaul, which will have an impact on the crypto area.
New AML Committee to Screen Out Suspect Transactions in the EU, Irish Banks Say Financial institutions in Ireland have expressed support for plans to restructure the European Union’s anti-money laundering procedures, calling them “radical.”
According to the Banking & Payments Federation Ireland (BPFI), the EU aims to establish a new anti-money laundering authority that will screen out questionable cross-border transactions throughout the union.
According to the journal, Keith Gross, the BPFI’s director of financial crime and security, said the proposed changes include a “series of radical reforms that would considerably support and bolster our members in their daily and continuing work – detecting, preventing, and disrupting money laundering and the funding of terrorism here in Ireland and across the EU.”
The revisions are supposed to provide “complete traceability of crypto-asset transfers,” with a new EU Anti-Money Laundering Authority (AMLA) being established.
Crypto exchanges, for example, will be required to identify the sellers and buyers of crypto assets under the legislation.
They will also set a limit of EUR10,000 for cash transfers across the EU.
The new restrictions will have an impact on not only bitcoin platforms and banking institutions, but also the legal, accounting, and real estate sectors.
National authorities are free to interpret AML requirements under the current regulatory framework, and Ireland has been chastised by Brussels for failing to adequately supervise attorneys, accountants, and other agents who set up trusts on behalf of clients.
Despite the fact that the Garda Financial Intelligence Unit, the Department of Justice, and the Central Bank of Ireland are all responsible for countering AML violations in Dublin,
The new laws will apply to all 27 member nations of the European Union.
According to a media report citing EU documents released earlier this month, EU officials anticipate the AMLA authority to help prevent money laundering and terrorism financing cases in the European Union by “actively supervising and taking decisions towards some of the riskiest cross-border financial sector obliged organizations.”
What are your thoughts on the European Union’s planned anti-money laundering reforms?
In the comments area below, please share your thoughts on the matter.
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