Response to consultation on Guidelines on internal policies, procedures and controls to ensure the implementation of Union and national restrictive measures
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'?
Notabene Inc. welcomes the opportunity to comment on the European Banking Authority’s (“EBA”) consultation on the “Two sets of Guidelines on internal policies, procedures and controls to ensure the implementation of Union and national restrictive measures”.
We would like to commend the EBA for issuing the Guidelines defining the steps CASPs need to take to be able to comply with restrictive measures when performing transfers of crypto-assets. This instrument is a valuable complement to the EBA Travel Rule Guidelines, reinforcing Travel Rule compliance as a vital component of CASPs' broader AML/CTF and restrictive measures programs. It is paramount that the Travel Rule is implemented in an effective manner that enhances CASPs’ ability to prevent transactions involving sanctioned entities and those subject to sectoral restrictive measures. The EBA's Guidelines steer the industry in the right direction.
Given Notabene’s focus and extensive experience in crypto Travel Rule compliance, our response to the consultation will focus on the on the second set of Guidelines - the “Guidelines on internal policies, procedures and controls to ensure the implementation of Union and national restrictive measures under Regulation (EU) 2023/1113” (“Guidelines”) - as they apply to CASPs. Please refer to the attached document on our full response.