AMLA Reviews Rules for Payment and Crypto Companies in the EU

The European Anti-Money Laundering Authority (AMLA) has initiated a survey of payment institutions and electronic money companies regarding the operation of central contact points (CCPs). Based on the responses received, the regulator plans to adopt new technical standards by the end of the year. The CCP allows national regulators to require foreign payment or e-money companies operating without a local branch to appoint a responsible representative to comply with local AML/CFT requirements. This mechanism has been in place since 2015 and will be extended to crypto companies in 2024. The new standards will define the criteria for the mandatory nature of CCPs, the functions and responsibilities of the contact point, as well as the procedure for interaction with national regulators. The main issue concerns the status of crypto companies under the MiCA regulation, which allows them to provide services in all 27 EU countries without establishing separate legal entities. The director of the Italian financial intelligence warned of risks for local interaction in the AML sphere if crypto companies obtain licenses in smaller states. After the survey is completed, AMLA will publish a report with key findings.