Breaking: Extending AML obligations for crypto asset service providers

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 Negotiators of European Parliament (EP) have reached a provisional agreement on extending the scope of the “travel rule” to transfers of crypto assets.

What’s new for crypto asset service providers (CASP)?

The travel rule shall ensure financial transparency on exchanges in crypto assets by obliging crypto asset service providers to collect and make accessible certain information about the originator and the beneficiary of the transfers of crypto assets they operate. This is what payment service providers currently do for wire transfers. CASPs shall be able [AND OBLIGED] to better identify possible suspicious transactions and are required to block them. According to first public reactions of members of the EP there shall be no threshold for CASP-CASP transactions, meaning that the travel rule would apply to every [CASP-CASP] crypto transaction.

In addition, CASPs will have to implement appropriate internal policies, procedures and controls to mitigate the risks of evasion of national and Union restrictive measures. More generally, the entirety of sanctions already applies to all natural and legal persons, including those operating in the crypto currencies sector.

When will it apply?
TFR will apply once MiCA applies, 18 months after entry into force

Do you have questions regarding the new EU agreement for crypto asset transfers?

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