New EU AML Compliance Laws Could Disrupt the Crypto Industry By Cointelegraph



On Jan. 10, the European Union’s 5th Anti-Money Laundering Directive (5AMLD), was officially signed into law. The legislation will give sweeping powers to compliance organizations and law authorities. However, aside from tracking dirty money to offshore paradises, the law brings about a series of restrictive demands on crypto companies in a way never seen before.

This development cuts into the notion that, in the past, the world’s richest people comfortably diverted money across borders through a financial framework that operates firmly in a legal grey area, which has long lingered in the public consciousness.

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