The European Banking Authority (EBA) today issued new guidance on the so-called "travel rule" - the information that should accompany the transfer of funds and certain cryptoassets - which will help tackle the misuse of such transfers for money laundering and terrorist financing. The guidance specifies what information should accompany the transfer of funds or crypto assets, and lists steps that payment service providers (PSPs), intermediary PSPs (IPSPs), crypto asset service providers (CASPs), and intermediary CASPs (ICASPs) should take to detect missing or incomplete information, and what they should do if the transfer of funds or crypto assets lacks the required information. The goal is to establish a consistent and effective approach to implementing travel rules across the European Union, enabling relevant authorities to fully trace such transfers when necessary to prevent, detect or investigate money laundering and terrorist financing.