On 4 July 2024, the European Banking Authority (EBA) issued new guidelines on the ‘travel rule’.

The EBA publicly consulted on a draft version of the guidelines between 24 November 2023 and 26 February 2024. A public hearing took place on 17 January 2024.

The guidelines specify which information should accompany a transfer of funds or crypto assets and also list 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, and what they should do if a transfer of funds or a transfer of crypto-assets lacks the required information.

The guidelines will be translated into the official EU languages and published on the EBA’s website. The deadline for Member State competent authorities to report whether they comply with the guidelines will be two months after the publication of the translations. The guidelines will apply from 30 December 2024.

The guidelines will repeal with effect from 30 December 2024 the ‘Joint Guidelines under Article 25 of Regulation (EU) 2015/847 on the measures payment service providers should take to detect missing or incomplete information on the payer or the payee, and the procedures they should put in place to manage a transfer of funds lacking the required information’ (JC/GL/2017/16).