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The EBA issues ‘travel rule’ guidance to tackle money laundering and terrorist financing in transfers of funds and crypto assets

Neopay

The European Banking Authority (EBA) issued new Guidelines on the so-called ‘travel rule’, i.e. the information that should accompany transfers of funds and certain crypto assets. This rule will help tackle the abuse of such transfers for money laundering and terrorist financing purposes.

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Why payment transparency is critical to the future of correspondent banking

The Payments Association

Cross-border payments often involve multiple intermediary institutions, each with varying levels of visibility over the originator and beneficiary. In the United States, the Travel Rule under 31 CFR 1010.410(f) requires transmission of originator and beneficiary details for fund transfers of $3,000 or more.

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The EBA consults on new Guidelines on preventing the abuse of funds and certain crypto-assets transfers for money laundering and terrorist financing purposes

Neopay

These ‘travel rule’ Guidelines specify the steps that Payment Service Providers (PSPs), Intermediary PSPs (IPSPs), crypto-asset service providers (CASPs) and Intermediary CASPs (ICASPs) should take to detect missing or incomplete information that accompanies a transfer of funds or crypto-assets.

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Deep Dive: Cracking Down On Cryptocurrency Exchange Cybercrime With AML/KYC Compliance

PYMNTS

in 2015 and a staggering $13,421.44 Department of the Treasury, announced in November 2019 that it would begin strictly enforcing the “travel rule” for cryptocurrency exchanges. The currency is well-known for its massive value fluctuations, as a single bitcoin cost just 9 cents in 2010, $313.92

AML 88
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EBA issues guidance to crypto-asset service providers to effectively manage their exposure to ML/TF risks

Neopay

Legal basis Directive (EU) 2015/849 puts the risk-based approach at the centre of the EU’s anti-money laundering and countering the financing of terrorism (AML/CFT) regime.