The original Transfers-of-Funds Regulation was established in 2015 and introduced the requirement for financial institutions to accompany each #transfer of funds with verified information about the originator and beneficiary of the transfer.
Even though a better agreement was close last week, 🇫🇷 vetoed it during the 🇪🇺 MS intervention period & raised concerns on USD-denominated #stablecoins used as a "means of #exchange", suggesting a return to their restriction when used for #settlement purposes ❗️
EU institutions are working to finalise the #TFR text to implement the #travelrule in Europe. Please find below the latest details. The aimed-for deadline for conclusion is still the first week of June.
Key issues on table:
The provisions introduced by the @Europarl_EN requiring #verification of information for each transfer of assets, the additional requirements applied to transfers to #unhosted wallets and the #blacklist of non-compliant entities.