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The European Banking Authority (EBA) issued new Guidelines on the so-called ‘travelrule’, 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.
These ‘travelrule’ 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.
It also introduced new provisions in Article 19b to Directive (EU) 2015/849, mandating the EBA to clarify the due diligence requirements CASPs should apply in high ML/TF risk situations, and when entering into correspondent relationships with respondents that are CASPs from non-EU countries.
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