5th December 2023
The FIAU would like to inform banks, financial institutions, Virtual Asset Service Providers and any other interested subject persons that the European Banking Authority (EBA) has issued for public consultation new ‘Guidelines on preventing the abuse of funds and certain crypto-assets transfers for money laundering and terrorist financing purposes’.
It is in the interest of the aforementioned subject persons to submit any feedback they may have as these ‘Travel Rule’ Guidelines intend to harmonise the application of EU law and the anti-money laundering and countering the financing of terrorism regime. Particularly, they will pinpoint the steps which should be taken by Payment Service Providers (PSPs), Intermediary PSPs, crypto-asset service providers (CASPs) and Intermediary CASPs in detecting lacking or inadequate information that accompanies a transfer of funds or crypto-assets. They also specify the procedures required by the aforementioned to manage a transfer of funds or a transfer of crypto-assets that has any of the required information missing.
Any comments are to be sent directly to the EBA by clicking on the ‘send your comments’ button on the EBA’s consultation page by 26 February 2023. More information, as well as the draft in mention, may be found on the EBA’s website.