EU travel rule guidelines explained

On 4 July 2024, the European Banking Authority issued its final report on guidelines on the so-called travel rule - that is, information requirements relating to transfers of funds and certain cryptoasset transfers, designed to prevent money laundering and terrorist financing. Charlotte Hill and Shaanil Senarath-Dassanayake explore the guidelines and main takeaways.

Charlotte Hillis a partner and head of the Financial Services Regulatory group at Taylor Wessing in London, whereDaniel Hirschfieldis senior counsel - Knowledge andShaanil Senarath-Dassanayakeis an associate. Contact them on c.hill@taylorwessing.com, d.hirschfield@taylorwessing.comands.senarath-dassanayake@taylorwessing.com.

The 'Guidelines', [1] issued by the EBA under article 36 (first and second subparagraphs) of Regulation (EU) 2023/1113 [2] and article 19a(2) of Directive (EU) 2015/849, [3] account for submissions made during a three-month consultation period that ran from 24 November 2023 to 26 February 2024 (which included a public hearing in January 2024) [4] and repeal the measures published in 2017 pursuant to Regulation (EU) 2015/847. [5]