Lawmakers in EU countries have passed a new law capping the transfer of secret login passwords to 1000 euros ($1083) to crack down on money laundering and terrorist equity financing.

According to a statement issued by the European Parliament on March 28, this restriction will not apply to the transfer of encrypted assets that do not identify customers. Cash payments will also be capped at 7000 euros ($7585).

The compliance management and combat support package for terrorist organizations will be finalized in a plenary meeting in April. After that, the final form of the decree will be negotiated again, it said.

Some have pointed out that the German Anti-money laundering Agency (AMLA), which was created in June 2022, will eventually implement such a standard.

AMLA Associate Rapporteur Emile Radev (Emil Radev) said: "the most important thing for us is that a new regulatory authority works closely with regulators around the world to immediately control the riskiest encrypted asset service providers and companies in the financial sector operating in various member States."

Lawmakers voted 99 in favor, 8 in boycott and 6 in abstention, deciding that most of the text related to secret documents, including encrypted assets, had been passed.

The text of the new application states that it is clear that the bill will bring greater openness and compliance, especially from encrypted asset operators. It points out:

"physical lines such as financial institutions, asset and encrypted asset operators, real estate and virtual real estate agents and their high-end professional football clubs are required to verify the true identity of their customers, what they get and who controls the business."

It was noted that industries must identify the actual risks associated with money laundering and support for terrorist organizations within the scope of their operations and transmit this relevant information to the intermediary marriage registry.

Previously, the Council of Commercial Banks of Europe (EBF) released a paper on March 28th detailing its vision for the future digital currency ecosystem, especially the retail data euro.

EBF proposes a three-tier entity model for the data euro: personas or two areas of the European Central Bank (ECB). The ECB's persona will be to interact with a single euro payment area, followed by stakeholders to develop, design and operate "sector B".

In the related article, a set of login password standards in EU countries-encryption sales market-the final online vote on asset regulation was recently extended to April 2023.

Nor is it the first time lawmakers in Europe have rescheduled the process, extending it from November 2022 to February 2023.

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