AMLA flags rising crypto exposure to illicit activities and prepares coordinated checks

The European authority for combating money laundering presented Members of the European Parliament with preliminary results on blockchain transactions associated with providers operating in the EU. The percentages indicate exposure identified through analytical tools, not all crime in the crypto market. AMLA is preparing coordinated checks of the traceability of transfers and is calling for a more consistent application of the existing rules.

AMLA is preparing coordinated checks of how crypto-asset service providers comply with transfer traceability rules, after a preliminary assessment by the authority signaled an increase in exposure identified in connection with illicit activities. Stefano Iezzi, the institution’s representative at the joint ECON–LIBE discussion in the European Parliament on 3 November, presented results highlighting the role of stablecoins and the difficulties of tracing money across borders. The figures describe activity that blockchain analysis tools can identify and associate with providers operating in the Union, and may also include transactions from outside the EU.

In brief

1. AMLA’s preliminary assessment indicates identified exposure to illicit activities was generally below 0.25% between 2024 and the beginning of 2026, then rose above 0.60% in the middle of the year. The indicator does not measure all criminal transactions in the EU.

2. Stablecoins reportedly accounted for approximately three quarters of the identified illicit exposure for 2025, while fraud and related activities accounted for approximately 70%. These are different categories, which may overlap and must not be added together.

3. AMLA is preparing coordinated thematic checks concerning the information that must accompany crypto transfers. These aim to reduce differences between national supervisory practices and do not represent checks that have already been completed.

4. The global figure of 84% for stablecoins comes from Chainalysis research cited by FATF. It has a different scope from the indicator presented by AMLA and does not prove that the risk in the EU is lower.

5. The first joint analysis supported by AMLA is planned for the end of 2026, without confirmation that it will concern crypto-assets exclusively. The main provisions of the new anti-money-laundering regulation apply from 10 July 2027.

The parliamentary discussion brought together representatives of the Commission, AMLA, the European Banking Authority, Europol and Eurojust. The topic was the abusive use of informal value-transfer services, stablecoins and other crypto-assets for money laundering and terrorist financing. The common challenge is how authorities can track flows that pass rapidly through multiple jurisdictions and obtain the information necessary for intervention.

The assessment presented by Iezzi combines information from national supervisors and financial intelligence units with blockchain transaction analysis. According to the preliminary results, the share of activity identified as exposed to illicit activities generally remained below 0.25% from 2024 until the beginning of 2026, before exceeding 0.60% in the middle of the year. The AMLA representative indicated the end of 2026 for publication of the report.

The geographical limitation is important. A transaction associated with a provider operating in the EU is not necessarily carried out only by European residents or only within the Union’s territory. Nor is exposure detected through computer tools equivalent to a proven offense for each transfer. Additional information and investigations are necessary to establish the facts and individual responsibility.

The percentages therefore do not allow the total value of financial crime in the EU to be calculated. Their interpretation depends on the activity included in the analysis, the calculation base and the criteria used to classify transactions. The results should be presented as preliminary AMLA indicators, not as definitive judicial statistics or a measurement of the entire market.

Stablecoins occupy an important place in the assessment. These are crypto-assets designed to maintain a relatively stable value against a currency or another reference. Iezzi associated them with approximately three quarters of the identified illicit exposure for 2025. Their relative stability, liquidity and rapid cross-border transfer make them useful for legitimate payments, but they can also be exploited to move proceeds of crime.

Separately, fraud and related activities reportedly represented around 70% of the identified exposure in that year. The two proportions describe different things. A stablecoin is a type of asset, while fraud is a category of activity; the same flow may fall into both categories. Adding them together would produce a misleading interpretation of the data.

Comparison with global assessments requires the same caution. In the report published on 3 March 2026, FATF cites Chainalysis data according to which stablecoins accounted for 84% of the global volume of illicit transactions involving virtual assets in 2025. This is not FATF’s own calculation and does not have the same scope as AMLA’s indicator concerning activity associated with providers operating in the EU. The difference between 75% and 84% does not, by itself, demonstrate a safer situation in the Union.

Tracking funds becomes more difficult when decentralized platforms and cross-blockchain transfer mechanisms are used successively. Decentralized exchanges enable operations through computer protocols, while bridges between networks allow value to be moved from one blockchain to another. Both have legitimate uses. The problem for investigators is reconstructing the complete path and associating digital addresses with the people who control them.

AMLA also noted differences between checks carried out by national supervisors. The preliminary assessment indicates shortcomings in customer identification, verification of beneficial owners and transaction monitoring by some providers. Access to information becomes more complicated when customer data and compliance functions are distributed among entities in different jurisdictions.

The authority’s planned response includes coordinating national thematic checks on compliance with rules known as the travel rule. Under the conditions established by EU legislation, these require the collection and transmission of information about the originators and beneficiaries of crypto transfers. The objective is to identify common problems and ensure more uniform application, without the parliamentary discussion being equivalent to the completion of checks or the imposition of sanctions.

The direction was not launched for the first time in November. In September, AMLA Executive Board member Simonas Krepšta had already presented a plan for assessing crypto risks, bringing supervisory practices closer together and developing blockchain analysis capabilities. The preliminary data presented to MEPs adds a quantitative component to this work program.

It is also necessary to distinguish the application of existing rules from any possible amendment of them. On 7 October, AMLA had proposed clarifications or adjustments to the MiCA framework concerning decentralized finance, certain crypto-asset activities, unauthorized stablecoins and cross-border supervision. Thus, the priority of applying the rules consistently does not mean that the institution has ruled out the need for specific legislative changes.

The timetable for the new anti-money-laundering framework is distinct from that of MiCA. Regulation (EU) 2024/1624 provides for its application from 10 July 2027, with exceptions for certain categories of entities. AMLA’s coordination and preparatory activities must not be presented as evidence that all obligations under that regulation are already applicable or that the authority already directly supervises the entire crypto sector.

Cooperation between national financial intelligence units is another component. Rikke-Louise Petersen, a member of the Executive Board, announced in September a first joint analysis exercise toward the end of 2026. This aims to identify cross-border patterns, but must not be described as an exclusively crypto operation that has already begun or as a completed criminal investigation.

For providers, the coordinated checks aim to ensure compliance requirements are applied more consistently. For authorities, the outcome will depend on rapid and lawful access to information and the ability to connect fragments of a financial trail. The AMLA report announced for the end of the year will be important for assessing the extent of the risks, the statistical basis and the supervisory measures that can reduce them.

https://2eu.brussels/ro/news/amla-semnaleaza-cresterea-expunerii-sectorului-cripto-la-activitati-ilicite-si-pregateste-controale-europene-coordonate