EU to Ban Anonymous Accounts and Privacy Coins by 2027

EU to Ban Anonymous Accounts and Privacy Coins by 2027

The European Union is preparing to implement its most comprehensive anti-money laundering (AML) regulations to date, significantly impacting the entire digital asset industry. Starting in 2027, the EU will prohibit the use of anonymous accounts and privacy-focused tokens such as Monero (XMR) and Zcash (ZEC).

Key Provisions of the New AMLR

Under the new Anti-Money Laundering Regulation (AMLR):

• Banks, financial institutions, and CASPs will be prohibited from opening or maintaining anonymous accounts.
• Privacy-enhancing tokens and any accounts that enable the anonymization of transactions will also be banned.

Article 79 of the AMLR specifically outlaws anonymous accounts and the use of anonymity-enhancing assets. These rules will also apply to bank accounts, safe deposit boxes, and any digital asset accounts with anonymization features.

Direct Supervision of CASPs

From 2027:

• The Anti-Money Laundering Authority (AMLA) will directly supervise CASPs operating in at least six EU member states.
• Initially, 40 entities will be selected for direct oversight, with at least one from each EU country.
• Criteria include having over 20,000 customers in the host country or processing more than €50 million in annual transactions.

Additionally, mandatory customer verification will be required for transactions exceeding €1,000.

What This Means for Your Business — And How FINANCEIQ HUB LTD Can Help

With the introduction of AMLR and the implementation of MiCA, all businesses operating or planning to operate in the EU must:

• Review and update their internal KYC/AML procedures.
• Prepare for full customer data transparency.
• Align growth strategies with the new compliance requirements.

FINANCEIQ HUB LTD offers comprehensive support for businesses in the digital asset industry:

• Obtaining a MiCA license for compliant operations in the EU.
• Securing an MSB Canada license as an alternative or complementary option for global operations outside the EU.
• Opening business bank accounts for entities licensed in Europe or holding MSB Canada status.
• Conducting audits and setting up AML/KYC policies fully aligned with the EU’s new standards.

Don’t wait to adapt to this new era of regulation. Contact FINANCEIQ HUB LTD today to ensure your business remains stable and fully compliant!