EBA consults on amendments to Guidelines on risk-based AML/CFT supervision to include crypto-asset service providers.

The European Banking Authority (EBA) initiated a public consultation to amend its Guidelines on risk-based anti-money laundering (AML) and countering the financing of terrorism (CFT) supervision (The Risk‐Based Supervision Guidelines).
The proposed changes extend the scope of these Guidelines to include AML/CFT supervisors of crypto-asset service providers (CASPs). The provision of crypto-asset services is a cross-border activity, so it is important that the same standards apply wherever CASPs operate in the single market. The amendments include guidance on the sources of information competent authorities should consider when assessing ML/TF risks associated with CASPs.
The amendments also highlight the importance of a consistent approach to setting supervisory expectations where multiple competent authorities are responsible for the supervision of the same institutions. EBA stresses the importance of training to ensure that staff from competent authorities have the technical skills and expertise necessary for the execution of their functions.
Specific AML/CFT guidance for CASPs will be delivered through the forthcoming amendments to the EBA’s Risk Factors Guidelines, the amendments to the Guidelines to prevent the abuse of fund transfers for ML/TF purposes, and new Guidelines on policies and procedures for compliance with restrictive measures.
Directive (EU) 2015/849 (AMLD 4) puts the risk-based approach at the center of Europe’s AML/CFT regime. The requirements in this Directive were complemented by the mandate given to the EBA under Article 48(10) of the same Directive, requiring the EBA to issue guidelines to competent authorities on the characteristics of a risk‐based approach to AML/CFT supervision.
Indeed, the forthcoming Markets in Crypto-assets Regulation will bring crypto-asset services and activities within the EU regulatory scope. CASPs will become subject to EU AML/CFT obligations and supervision. This will ensure that the AML/CFT regulatory and supervisory framework is aligned with international recommendations, and that ML/TF risks associated with this sector are addressed and effectively managed.
The draft guidelines are published for a 3-months public consultation. The EBA will finalise these guidelines once the consultation responses have been assessed. The scope of the consultation and of the consultation questions is limited to the amendments and additions.
Interested parties can provide comments until 29 June 2023 through the „send your comments“ button on the EBA’s consultation webpage. A virtual public hearing will be held on 7 June 2023, and stakeholders are encouraged to register by 5 June 2023 at 16:00 CEST. The consultation pertains exclusively to proposed amendments and additions, and all comments received will be made public unless otherwise requested.