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<p>The post <a href="https://coinpedia.org/news/european-banking-authority-sets-new-guidelines-to-curb-money-laundering-and-terrorist-financing-in-crypto-asset-transfers/">EBA Cracks Down on Crypto Misuse with New Guidelines</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>The <a href="https://coinpedia.org/news/european-banking-authority-proposes-strict-regulations-for-stablecoin-issuers-under-mica/">European Banking Authority (EBA)</a> has initiated a public consultation on its latest guidelines to prevent the misuse of funds and the transfer of certain crypto-assets for money laundering and terrorist financing.</p> 
<p>With all that is happening in the crypto world lately, this seems like a smart move. Read on for more details. </p> 
<h2 class="wp-block-heading" id="h-what-are-the-guidelines-about">What Are the Guidelines About?</h2> 
<p>These proposed “travel rule” guidelines outline the responsibilities of Payment Service Providers (PSPs), Intermediary PSPs (IPSPs), Crypto-Asset Service Providers (CASPs), and Intermediary CASPs (ICASPs). What’s on their to-do list? Spot any missing or incomplete info with fund or crypto-asset transfers and set up solid procedures to manage transactions without proper documentation.</p> 
<p>The EBA’s initiative aims to foster a shared understanding and ensure the consistent application of EU law, reinforcing the anti-money laundering and counter-terrorism financing (AML/CFT) system across the EU. Stakeholders are invited to provide feedback on these guidelines until February 26, 2024.</p> 
<h2 class="wp-block-heading" id="h-no-more-sneaky-moves">No More Sneaky Moves! </h2> 
<p>The primary objective of these guidelines is to halt the flow of money and crypto-assets used for financing terrorism and other financial crimes. By enabling full traceability of these transfers, authorities will be better equipped to prevent, detect, or investigate such illicit activities.</p> 
<p>The EBA advocates for a unified approach among PSPs, IPSPs, CASPs, ICASPs, and other relevant authorities across the EU. This approach involves establishing best practices for handling and identifying transfers of money and crypto-assets that lack essential information about the payer/originator and the payee/beneficiary.</p> 
<h2 class="wp-block-heading" id="h-heading-toward-a-safer-crypto-world">Heading toward a Safer Crypto World </h2> 
<p>By creating a standardized framework for information sharing and cooperation, these guidelines aim to improve the efficiency of tracking suspicious transfers, thereby enhancing the security and integrity of financial transactions within the EU.</p>

EBA Cracks Down on Crypto Misuse with New Guidelines

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