The guidelines, known as the “Travel Rule Guidelines”, focus on the obligations related to the “travel rule”. These guidelines outline specific 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 fund or crypto-asset transfers. The objective is to ensure consistent application of EU law and strengthen the anti-money laundering and countering the financing of terrorism (AML/CFT) regime.

The Travel Rule Guidelines aim to prevent the misuse of funds and crypto-assets transfers for purposes such as terrorist financing and financial crimes. They emphasise the importance of effective procedures for detecting and managing transfers lacking required information on the payer/originator and payee/beneficiary.

Regulated entities are invited to provide their feedback on the public consultation through the EBA's consultation page, with a deadline for submission set for 26 February 2024.

CySEC’s Circular can be found here.

EBA's press release can be found here.

The consultation paper on the Travel Rule Guidelines can be found here.