The European Banking Authority (EBA), responsible for addressing weaknesses in the banking sector, has issued two sets of guidelines, one of which specifically targets payment service providers (PSPs) and crypto-asset service providers (CASPs).
On November 14, the EBA outlined requirements for PSPs and CASPs to comply with EU and national restrictive measures when transferring funds or crypto.
The guidelines mandate that PSPs and CASPs implement reliable screening systems to ensure compliance with these restrictions.
Additionally, the guidelines require PSPs and CASPs to screen transactions for risks associated with entities or individuals violating EU sanctions and to prevent users from circumventing these measures.
