Forthcoming New Rules On Information Accompanying Transfers Of Crypto-assets

On 31 May 2023, Regulation (EU) 2023/1113 on information accompanying transfers of funds and certain crypto-assets ("Regulation (EU) 2023/1113") was adopted. It recasts Regulation (EU) 2015/847 on information accompanying transfers of funds ("Regulation (EU) 2015/847") to include in its scope crypto-assets as defined in Regulation (EU) 2023/1114 on markets in crypto-assets ("MiCAR"). In addition, a few adjustments are brought about to the AML framework.

Regulation (EU) 2015/847 imposes certain rules in the context of transfers of funds, in any currency, where at least one of the payment service providers ("PSPs") involved in such transfers is established in the EU. According to these rules, the PSP of the payer has to ensure that transfers of funds are accompanied by specific information on the payer and the payee, the accuracy of which has to be backed up by supporting documentation. As for the PSP of the payee, it has to have effective procedures in place to