On 4 July 2024, the European Banking Authority (EBA) published new guidelines on the information requirements relating to transfers of funds and certain transfers of cryptoassets under Regulation (EU) 2023/1113 (the recast Regulation and Revised on Wire Transfers), also known as the “Travel Rules” Guidelines.
The guidelines specify what information must accompany a transfer of funds or crypto-assets and also list the steps that payment service providers (PSPs), intermediary PSPs, crypto-asset service providers (CASPs) and CASP intermediaries should follow to detect missing or incomplete information, and what they should track. should do so if a funds transfer or crypto-asset transfer does not contain the required information.
The guidelines repeal with effect from 30 December the “common guidelines under Article 25 of Regulation (EU) 2015/847 (revised wire transfer regulation) on measures that PSPs should take to detect missing information or incomplete about the payer or the beneficiary, and the procedures they should put in place to manage a transfer of funds lacking the required information. The deadline for competent authorities to indicate 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 December 30.