EU Tightens AML Rules on Crypto, Romania Begins Legal Overhaul

The European Union is entering a new phase in its anti-money-laundering strategy, concentrating increasingly on cryptocurrency transactions. Romania has already begun amending its legal framework, such as revising Law no. 129/2019, to comply with the forthcoming EU rules. Worldwide, authorities have intensified penalties for AML violations, with banks shouldering most of the financial burden while scrutiny of digital-asset dealings has intensified.

The EU’s new AMLA body will compile a provisional list of entities subject to direct supervision by the end of September, followed by a final list later in the year. Selection criteria will include cross-border activity in multiple member states, a large resident client base, and high transaction volumes. These developments will pressure financial institutions to enhance client-identification procedures, including stricter KYC and CDD checks, especially for Politically Exposed Persons and their close associates.