On November 24, 2023, the European Banking Authority (EBA) launched a public consultation on the new Travel Rule guidelines to prevent the abuse of funds and certain Crypto-Assets for money laundering (ML) and terrorist financing (TF) purposes. The guidelines specify the steps that Payment Service Providers (PSPs), Intermediary PSPs (IPSPs), Crypto-Asset Service Providers (CASPs), and Intermediary CASPs (ICASPs) should take to detect missing or incomplete information accompanying the transfer of funds or Crypto-Assets.

The Guidelines ensure that relevant authorities can fully trace such transfers where this is necessary to prevent, detect, or investigate money laundering (ML) and terrorist financing (TF). Also, the guidelines aim at forging an understanding to ensure the consistent application of EU law as well as a stronger anti-money laundering and countering the financing of terrorism (AML/CFT) regime.