Response to consultation on Guidelines on preventing the abuse of funds and certain crypto-assets transfers for ML/TF (Travel rule Guidelines)
Question 1. Do you agree with the proposed provisions? If you do not agree, please explain how you think these provisions should be amended, and set out why they should be amended. Please provide evidence of the impact these provisions would have if they were maintained as drafted'?
In its JC/GL/2017/16 Guidelines to Regulation 2015/847 EBA has repeatedly suggested that there shall be cases where real-time monitoring of transactions would be required. However, recently, the European Council and the European Parliament have reached a preliminary agreement regarding the Proposal for a Regulation of the European Parliament and the Council amending Regulations (EU) No 260/2012 and (EU) 2021/1230 and Directives 98/26/EC and (EU) 2015/2366 as regards instant credit transfers in euro (Interinstitutional File 2022/0341 (COD) of 28 November 2023) which does not include any option regarding travel rule online monitoring.
Is EBA ready to modify its currently consulted Guidelines for Regulation (EU) 2023/1113 to assume that no Travel Rule real-time transaction monitoring will be required for instant credit transfers in euro or is EBA going to suggest that real-time monitoring of instant credit transfers in euro may be required anyway (notwithstanding the agreement of EP and the Council reg. instant credit transfers in euro)?