Within the new organizational structure at the European level to fight money laundering the EU plans to launch the ANTI MONEY LAUNDERING AUTHORITY, a body is to be established in early 2023 and expected to be fully resourced by the end of 2025.

Among the different functions that this body is said to have, it will be in charge of ensuring the implementation of a common regulation governing the transfer of funds, including crypto-assets.

Last June 29, the provisional agreement was announced to update the regulation on the information to be provided in fund transfers, including cryptoassets.

Under this regulation all cryptoasset service providers (CASP) must ensure that origin and beneficiary information accompanies transfers.

They will therefore be obliged to verify the customer's access information to their services, in compliance with KYC (know your costumer) policies, but they will also have to carry out CDD (customer due diligence) controls, which will require them to keep a continuous and updated record of all transactions:

• Name and account number of the payer
• The payer's address, the customer's official identification document number
• Beneficiary's name
• And beneficiary account number

Given the technological limitations, the regulation states that this information does not have to be directly attached to or included with each transfer. It is also stated that it will be possible to include simplified information for transfers within the EU.

And specifically for cryptoassets there is talk of guaranteeing:

• That the transfers could be individually identified
• and that the ids of the source and destination addresses are recorded in the blockchain.

A service provider, the exchange you trade with, for example, will be obliged to identify you not only as the recipient of a cryptoasset transfer, but also to identify the source of funds from the wallet of origin. This is what has come to be known as the "travel rule".