[co-author: Gregory Andrews]
On 4 July 2024, the European Banking Authority (EBA) published new guidelines on information requirements in relation to transfers of funds and certain cryptoasset transfers under Regulation (EU) 2023/1113 (the recast, revised Wire Transfer Regulation), also known as the ‘travel rule’ guidelines.
The guidelines specify which information should accompany a transfer of funds or cryptoassets and also list the steps that payment service providers (PSPs), intermediary PSPs, cryptoasset service providers (CASPs) and intermediary CASPs 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 guidelines repeal with effect from 30 December the ‘Joint Guidelines under Article 25 of Regulation (EU) 2015/847 (revised Wire Transfer Regulation) on the measures PSPs should take to detect missing or incomplete information on the payer or the payee, and the procedures they should put in place to manage a transfer of funds lacking the required information’. The deadline for competent authorities to report whether they comply with the new guidelines will be two months after the publication of the translations into the official EU languages. The new guidelines will apply from 30 December.
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