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EBA Public Consultation Paper on new Guidelines on preventing the abuse of funds

Circular C605 - EBA Public Consultation Paper on new Guidelines on preventing the abuse of funds and certain crypto -assets transfers, for money laundering and terrorist financing purposes.


Further to the issuance of Circular C605, the Cyprus Securities and Exchange Commission (CySEC) wishes to inform Regulated Entities of the EBA public consultation regarding the Guidelines on preventing the abuse of funds and certain crypto-asset transfers for money laundering and terrorist financing purposes under Regulation (EU) 2023/1113 (the 'Travel Rule Guidelines'). The Guidelines aim at ensuring a consistent application of EU law as well as strengthening the anti-money laundering and counter terrorist financing regime.


The Travel Rule Guidelines stipulate the steps that Payment Service Providers (PSPs), intermediary PSPs, crypto asset service providers (CASPs) and intermediary CASPs should take in order to detect missing or incomplete information accompanying the transfer of funds or crypto assets and the procedures providers should implement to manage the transfer of funds or crypto assets lacking the necessary information and ensure that the relevant authorities can fully trace such transfers where necessary.


Regulated Entities are encouraged to respond to the consultation and may do so by submitting their comments through the EBA's consultation page, the deadline for submission of any comments is 26th February 2024. Additionally, the EBA will hold a virtual public hearing on the consultation on 17 January 2024, from 14:00 to 16:00 Paris time, interested parties may register using this link by 3 January 2024 at 16:00 CEST.


In case you have any questions please do not hesitate to contact us for further professional assistance.


By Constantinos Constantinides, Director, Financial Associates International (FAI Comply)

 

FAI Comply provides a range of services to support the optimisation and continued efficiency of business processes. Please contact us to find out what we can do for you and your business. See our range of services here.


 

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