The European Commission has submitted a new proposal that would require crypto-asset service providers to collect additional Anti-Money Laundering information from those who utilize cryptocurrency for money transfers. The stated purpose of this proposal is to prevent the further propagation of money laundering activity within the European Union.
Under this proposal, service providers conducting transfers must have the name of the originator of the transfer, the account number, where the account exists and where it is used to process the transaction. The originator’s address, official personal document number, customer ID number, or date and place of birth would also be required under the proposal. Service providers would similarly need to ensure that the name and account number of the beneficiary are included with the transfer, along with information about where that account exists. The beneficiary’s crypto-asset provider would also need procedures in place to detect whether the information for the originator of the transfer is included or is missing.