The European Banking Authority (EBA) issued new Guidelines on the ‘travel rule’, i.e. the information that should accompany transfers of funds and certain cryptoassets.
The Guidelines specify which information should accompany a transfer of funds or cryptoassets and also list the steps that payment service providers, intermediary payment service providers, cryptoasset service providers and intermediary cryptoasset service providers should take to detect missing or incomplete information, and what they should do if a transfer of funds or a transfer of cryptoassets lacks the required information.
The objective is to "establish a consistent and effective approach to implementing the travel rule across the EU that allows relevant authorities to fully trace such transfers where this is necessary to prevent, detect or investigate money laundering and terrorist financing."