The European Banking Authority (EBA) has issued a public Consultation Paper regarding the Guidelines on preventing the abuse of funds and certain crypto-assets transfers for money laundering and terrorist financing purposes under Regulation (EU) 2023/1113 (‘The Travel Rule Guidelines’).
Subject persons are encouraged to provide their input, as the 'Travel Rule Guidelines' aim to standardize the implementation of EU law and the framework for combating money laundering and terrorism financing. Specifically, these guidelines will outline the actions that Payment Service Providers (PSPs), Intermediary PSPs, crypto-asset service providers (CASPs), and Intermediary CASPs should take to identify insufficient or absent information accompanying fund or crypto-asset transfers. Additionally, they detail the processes that the mentioned entities must follow when handling transfers with missing necessary information.
Any comments are to be submitted on the EBA’s consultation page by 26 February 2024.