EBA – Public Consultation on Guidelines for Preventing Abuse of Funds and Crypto-Asset Transfers for ML Purposes

On November 24, the European Banking Authority (EBA) initiated a public consultation on the draft guidelines regarding the prevention of abuse of funds and crypto-asset transfers for the purposes of money laundering and terrorist financing.

These guidelines aim to ensure the consistent application of European law, specifying the measures that payment service providers (PSPs), intermediaries (IPSPs), crypto-asset service providers (CASPs), and their intermediaries (ICASPs) shall observe to detect missing or incomplete information in the context of fund or crypto-asset transfers.

Additionally, the guidelines outline the procedures to follow in case the requested information have not been provided.

Comments and observations on the guidelines in public consultation may be submitted within February 26, 2024, and will be published, unless otherwise requested, on the Authority’s website at the end of the consultation phase.