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The EBA issues ‘travel rule’ guidance to tackle money laundering and terrorist financing in transfers of funds and crypto assets

Neopay

The European Banking Authority (EBA) issued new Guidelines on the so-called ‘travel rule’, i.e. the information that should accompany transfers of funds and certain crypto assets. This rule will help tackle the abuse of such transfers for money laundering and terrorist financing purposes.

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The EBA consults on new Guidelines on preventing the abuse of funds and certain crypto-assets transfers for money laundering and terrorist financing purposes

Neopay

These ‘travel rule’ 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 that accompanies a transfer of funds or crypto-assets.

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Understanding Crypto Money Laundering, and How to Get a Handle on It

Fintech News

Use of Multiple Intermediary Wallets Interestingly, the number of intermediary wallets used by bad actors is growing faster on exchanges with Know Your Customer (KYC) verification processes compared to non-KYC exchanges. The United Arab Emirates has amended Federal Decree-Law No. (20)