The European Union is ramping up its efforts to combat money laundering and terrorist financing within the cryptocurrency sector. The Anti-Money Laundering Authority (AMLA) announced it will begin stricter scrutiny of crypto companies this month, demanding thorough assessments of beneficial owners and shareholders to ensure no illicit activity. These enhanced regulations aim to bring crypto businesses in line with traditional financial institutions. Crypto regulators will be responsible for identifying any potential links to money laundering or terrorist financing. A key element of the new rules involves prohibiting cryptocurrency service providers from handling anonymous wallets and privacy coins, which are often used to obscure transactions. This measure seeks to increase transparency and accountability within the crypto ecosystem, making it harder for criminals to exploit digital assets. ```