The European Banking Authority (EBA) today issued new guidelines regarding the so-called travel rule. This regulation sets out the information, which must accompany transfers of funds and certain crypto assets, with the aim of countering the misuse of such transfers for money laundering and terrorist financing.
Objective of the Guidelines
The new guidelines clearly define what information must accompany a transfer of funds or crypto assets. In addition, they list the steps that payment service providers (PSPs), intermediary PSPs (IPSPs), crypto-asset service providers (CASPs ) and intermediary CASPs (ICASPs) must follow to detect missing or incomplete information and what to do in the case of transfers that lack the required information. The aim is to establish a consistent and effective approach for the implementation of the travel rule across the EU. This will enable competent authorities to fully trace…
