2024

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In a bid to enhance Anti-Money Laundering (AML) measures, the <a href="https://crypto.news/european-banking-authority-issues-additional-crypto-guidelines/">European Banking Authority</a> (EBA) has expanded Travel Rules guidelines to include crypto service providers and their intermediaries. 
Starting December 30, crypto exchanges in the EU will need to comply with Regulation (EU) 2023/1113, which requires them to report information on fund and crypto asset transfers. 
Crypto asset service providers (CASPs), under the EU’s Markets in Crypto-Assets Regulation (MiCA), will also be subject to the EU’s Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) framework. 
Payment service providers (PSPs), intermediary PSPs, CASPs, and intermediary CASPs will have two months to declare their compliance with the new rules. 
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 The <a href="https://twitter.com/hashtag/EBA?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="">#EBA</a> has just published new guidelines on the information that should accompany&nbsp;transfers of funds and certain crypto assets. 🔗<a href="https://t.co/uNykQqOHwb" target="_blank" rel="">https://t.co/uNykQqOHwb</a> <a href="https://t.co/EwA6ZtYm8c" target="_blank" rel="">pic.twitter.com/EwA6ZtYm8c</a>— EU Banking Authority – EBA 🇪🇺 (@EBA_News) <a href="https://twitter.com/EBA_News/status/1808866742900338785?ref_src=twsrc%5Etfw" target="_blank" rel="">July 4, 2024</a>
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Crypto service providers must collect user information for fund or crypto transfers, identify service-related transactions, and detect linked transfers. They will also need to declare their policies on multi-intermediation and cross-border transfers. 
 You might also like: <a href="https://crypto.news/european-parliament-crypto-regulations/"> European Parliament votes to strengthen sanctions enforcement, including crypto regulations </a> 
The EBA recognizes that crypto exchanges and service providers might undergo financial stress in a bid to attain compliance with the EU Travel Rule guidance.&nbsp; 
However, the financial regulatory body noted a silver lining: 
“Overall, the benefits from these Guidelines are expected to outweigh potential costs, and these Guidelines are expected to contribute to making the fight against ML/TF more effective.” 
Crypto exchanges and service providers under the EU’s Anti-Money Laundering Directive (AMLD) or a domestic AML/CFT regime will still need to follow the relevant AML/CFT requirements. 
As governments across the globe tighten regulations on crypto exchanges, crypto protocols are actively working on compliance measures. 
In March, the world’s largest crypto exchange, <a href="https://crypto.news/binance-joins-global-travel-rule-alliance-to-comply-with-fatf/">Binance, joined the Global Travel Rule alliance</a> to combat financial crimes like money laundering and terrorist financing. 
 Read more: <a href="https://crypto.news/fiu-steps-up-aml-and-cft-compliance-for-crypto-exchanges-in-india/"> FIU steps up AML and CFT compliance for crypto exchanges in India </a>

EBA to extend EU Travel Rule to crypto exchanges starting from December

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