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The Classification of Virtual Currencies and Mobile Payments in Terms of the Old and New European Anti-Money Laundering Frameworks

In: Bitcoin and Mobile Payments

Author

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  • Carolin Kaiser

Abstract

Both virtual currencies and mobile payments are rapidly growing, novel developments in the global payments industry. These developments create challenges for regulators when it comes to fitting the new technology into the old legal framework. In some cases, the legal framework has to be amended to cover new technological developments. In this chapter, the European anti-money laundering framework in its older shape (Directive 2005/60/EC) and in its newest incarnation (Directive (EU) 2015/849) is examined. The shortcomings of the directives are to be exposed and possible ways around these shortcomings are explained.

Suggested Citation

  • Carolin Kaiser, 2016. "The Classification of Virtual Currencies and Mobile Payments in Terms of the Old and New European Anti-Money Laundering Frameworks," Palgrave Studies in Financial Services Technology, in: Gabriella Gimigliano (ed.), Bitcoin and Mobile Payments, chapter 9, pages 203-230, Palgrave Macmillan.
    • Handle: RePEc:pal:psincp:978-1-137-57512-8_9
    DOI: 10.1057/978-1-137-57512-8_9
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