EBA issues 'Rules of the Road' guide

The European Banking Authority (EBA) has today published new guidance on the so-called "travel rules", i.e. the information that should accompany transfers of funds and certain crypto-assets. The rules will help address the misuse of such transfers for money laundering and terrorist financing. The guidance sets out what information should accompany a transfer of funds or crypto-assets and lists 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 and what they should do if a transfer of funds or a transfer of crypto-assets lacks the required information. . The objective is to establish a consistent and effective approach to the implementation of the travel rules across the EU, enabling the relevant authorities to comprehensively track such transfers where necessary to prevent, detect or investigate money laundering and terrorist financing.