EBA Guidelines on information requirements in relation to transfers of funds and certain crypto-assets (EBA/GL/2024/11)

26 February 2026
Ref.: 2410036

Circular no.: 7/2026
To: Payment service providers, other entities providing payment services, service providers of virtual assets and the Association of Companies in Financial Services

Subject: EBA Guidelines on information requirements in relation to transfers of funds and certain crypto-assets (EBA/GL/2024/11)

The Financial Supervisory Authority of the Central Bank of Iceland has adopted guidelines on information requirements in relation to transfers of funds and certain crypto-assets.1 The guidelines were issued by the European Banking Authority (EBA) on the basis of Regulation (EU) 2023/1113 of the European Parliament and of the Council on information accompanying transfers of funds and certain crypto-assets (TFR II). That regulation was transposed into Icelandic law by Act no. 101/2025 on markets for crypto-assets, cf. point (g) of item 5 of Article 17 of the Act.

TFR II lays down what information on payers and payees of payments must accompany transfers of funds, in all currencies, and what information on originators and beneficiaries of crypto-assets must accompany transfers of crypto-assets, for the purpose of preventing, detecting and investigating money laundering and terrorist financing. In addition, the regulation sets out rules on internal policies, procedures and controls to ensure the implementation of measures where at least one of the payment service providers or crypto-asset service providers involved in a transfer of funds or crypto-assets is established in the European Economic Area.2

The guidelines further specify the provisions of the regulation, i.a. Articles 2, 4-8, 10-12, 14-17 and 19-21 of the regulation. The guidelines specify the requirements for information that must accompany transfers of funds and certain crypto-assets and address what actions payment service providers and crypto-asset service providers should take to detect whether information is missing or insufficient information accompanies transfers of funds or certain crypto-assets, as well as the procedures that the parties should establish for transfers of funds and certain crypto-assets. The guidelines are addressed to payment service providers and crypto-asset service providers, along with payment service intermediaries and crypto-asset service intermediaries.

It is specifically stated in the guidelines that information on payers and payees of funds and information on originators and beneficiaries of crypto-assets must accompany transfers through the entire chain of transactions. Payment service providers and

[1] Guidelines on information requirements in relation to transfers of funds and certain crypto-assets transfers under Regulation (EU) 2023/1113 (Travel Rule Guidelines).

2

[2] See further Circular no. 4/2026 on Regulation (EU) 2023/1113 of the European Parliament and of the Council on information accompanying transfers of funds and certain crypto-assets.

crypto-asset service providers must have written procedures for identifying insufficient information and also for deciding whether to execute, suspend or reject transfers. There must also be procedures in place to identify unusual transactions, identify what constitutes repeated shortcomings on the part of a counterparty and to monitor transactions from high-risk and non-cooperative countries.

The guidelines emphasise that procedures and decisions taken on the basis thereof are risk-based and that the risk associated with transfers of funds and/or certain crypto-assets is addressed in the risk assessment, cf. Article 5 of Act no. 140/2018 on measures against money laundering and terrorist financing.

The guidelines also repeal the joint guidelines of the European supervisory authorities regarding measures payment service providers should take in respect of missing or incomplete information (JC/GL/2017/16). Those guidelines were issued to supplement Regulation (EU) 2015/847 of the European Parliament and of the Council on information accompanying transfers of funds (Transfer of Funds Regulation, TFR), which has been repealed by the European Union.

According to the third paragraph of Article 16 of Regulations (EU) no. 1093-1095/2010 of the European Parliament and of the Council on European supervisory authorities for the financial market, which were transposed into Icelandic law by Act no. 24/2017, competent authorities and relevant supervised entities shall make every effort to comply with the guidelines of the supervisory authorities and general recommendations. The purpose of the guidelines is to establish consistent, efficient and effective supervisory practices within the European financial system, as well as to ensure the common, uniform and consistent application of legislation within the European Economic Area.

The Financial Supervisory Authority therefore directs the recipient of this circular to familiarise themselves with the aforementioned EBA guidelines and take them into account in their activities, as applicable. The Financial Supervisory Authority will rely on the guidelines in its supervisory practices and in assessing whether the requirements under the legal provisions discussed above are met.

This circular will be published on the Central Bank's website along with a link to the English version of the guidelines. The Financial Supervisory Authority will also rely on the guidelines in its supervisory practices.

Yours faithfully,
CENTRAL BANK OF ICELAND

Linda Kolbrún Björgvinsdóttir
Managing Director
Conduct Supervision
Katla Dögg Sævaldsdóttir
Legal Counsel
Conduct Supervision