The European Banking Authority (EBA) has launched another consultation around implementing the Travel Rule for anti money laundering (AML) relating to crypto-asset transfers. A consultation in June was around the due diligence required on counterparties. Today’s consultation is about what data should be communicated, and the steps service providers should take if the data is not available.
Four new pieces of EU legislation were passed on anti money laundering earlier this year. Together they bring the activities of crypto-asset service providers (CASPs) into scope and require them to include information about the sender and beneficiary. As previously reported the legislation has no de minimis. So the travel rule applies to a ten cent transfer.
One of the more topical aspects is the treatment of self hosted wallets. According to the legislation, P2P transfers between self hosted wallets are out of the scope of the travel rule because there’s no CASP involved.
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